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'''Milton Friedman'''  (1912-2006) <ref name=FIREMANDHET>[http://cepa.newschool.edu/het/profiles/friedman.htm Milton Friedman, 1912-2006 at History of Economic Thought - HET]]</ref> was an American economist and political theorist who became a leader of [[American Conservatism]] in its libertarian aspects. A highly proficient statistician, theorist, and public communicator, he rejected key elements of [[Keynesians|Keynesian]] economics, promoted his own [[Monetarism|"monetarist"]] <ref name=MONETARIST1>[http://cepa.newschool.edu/het/essays/monetarism/mpolicy.htm  
'''Milton Friedman'''  (1912-2006) <ref name=FIREMANDHET>[http://cepa.newschool.edu/het/profiles/friedman.htm Milton Friedman, 1912-2006 at History of Economic Thought - HET]]</ref> was an American economist and political theorist who became a leader of [[American Conservatism]] in its libertarian aspects. A highly proficient statistician, theorist, and public communicator, he rejected key elements of [[Keynesians|Keynesian]] economics, promoted his own [[Monetarism|"monetarist"]] <ref name=MONETARIST1>[http://cepa.newschool.edu/het/essays/monetarism/mpolicy.htm Monetarist Economic Policy]</ref> theories of [[macroeconomics]], which was at the height of its influence on economy policy-making in the late 1970s and early 1980s and, although it has waned considerably since, many aspects of its influence still remain in the modern policy-making. Friedman preached vigorously the ideological doctrine that market solutions are better than government solutions. Friedman and [[George J. Stigler]] <ref name=STIGLER>[http://cepa.newschool.edu/het/profiles/stigler.htm George J. Stigler, 1911-1991]</ref> led what would become known as the [[Chicago Scholl|"Second" Chicago School]] <ref name=CHICAGOSCH>[http://cepa.newschool.edu/het/schools/chicago.htm The Chicago School]]</ref>, which is perhaps the most famous and polemical one.  Stigler and Friedman were avowed [[Alfred Marshall|Marshallians]], and eschewed the methodology of the now-departed Walrasians of the Cowles Commission. The Stigler-Friedman period athe the [[University of Chicago]] was characterized by faithful adherence to [[Neoclassical]] economics and maintained itself dead against the concept of market failures, reinforcing the [[Chicago School]] <ref name=CHICAGOSCH>[http://cepa.newschool.edu/het/schools/chicago.htm The Chicago School]]</ref> stance against  imperfect competition and [[Keynesians|Keynesian economics]]. Through their influential journals -- notably, the [[Journal of Political Economy]] and the [[Journal of Law and Economics]] -- the research programme of the Chicago School was advanced and diffused.  It was the [[Second Chicago School]] that is often accused of being the modern version of  [[Manchester School]] <ref name=MANCHESTER> [http://cepa.newschool.edu/het/schools/manchester.htm Manchester School ("Classical Liberals")]</ref> liberalism (or, as some maintain, the more conservative tradition of [[American apologism]]) <ref name=apoligism> [http://cepa.newschool.edu/het/schools/apologist.htm American Apologism]</ref> .He had great influence on numerous governments, especially in the 1980s on [[Ronald Reagan]] in the U.S. and [[Margaret Thatcher]] in Britain.<ref> Ebenstein (2007) is the only full-length biography, but see also Friedman and Friedman, ''Two Lucky People: Memoirs'' (1998)</ref>, inspring the [[neoliberal]] political policies which became know as [[Reganism]] and [[Thatcherism]]
Monetarist Economic Policy]</ref> theories of [[macroeconomics]], which was at the height of its influence on economy policy-making in the late 1970s and early 1980s and, although it has waned considerably since, many aspects of its influence still remain in the modern policy-making. Friedman preached vigorously the ideological doctrine that market solutions are better than government solutions. Friedman and [[George J. Stigler]] <ref name=STIGLER>[http://cepa.newschool.edu/het/profiles/stigler.htm George J. Stigler, 1911-1991]</ref> led what would become known as the [[Chicago Scholl|"Second" Chicago School]] <ref name=CHICAGOSCH>[http://cepa.newschool.edu/het/schools/chicago.htm The Chicago School]]</ref>, which is perhaps the most famous and polemical one.  Stigler and Friedman were avowed [[Alfred Marshall|Marshallians]], and eschewed the methodology of the now-departed Walrasians of the Cowles Commission. The Stigler-Friedman period athe the [[University of Chicago]] was characterized by faithful adherence to [[Neoclassical]] economics and maintained itself dead against the concept of market failures, reinforcing the [[Chicago School]] <ref name=CHICAGOSCH>[http://cepa.newschool.edu/het/schools/chicago.htm The Chicago School]]</ref> stance against  imperfect competition and [[Keynesians|Keynesian economics]]. Through their influential journals -- notably, the [[Journal of Political Economy]] and the [[Journal of Law and Economics]] -- the research programme of the Chicago School was advanced and diffused.  It was the [[Second Chicago School]] that is often accused of being the modern version of  [[Manchester School]] <ref name=MANCHESTER> [http://cepa.newschool.edu/het/schools/manchester.htm Manchester School ("Classical Liberals")]</ref> liberalism (or, as some maintain, the more conservative tradition of [[American apologism]]) <ref name=apoligism> [http://cepa.newschool.edu/het/schools/apologist.htm American Apologism]</ref> .He had great influence on numerous governments, especially in the 1980s on [[Ronald Reagan]] in the U.S. and [[Margaret Thatcher]] in Britain.<ref> Ebenstein (2007) is the only full-length biography, but see also Friedman and Friedman, ''Two Lucky People: Memoirs'' (1998)</ref>, inspring the [[neoliberal]] political policies which became know as [[Reganism]] and [[Thatcherism]]


==Bibliography==
==Bibliography==

Revision as of 08:59, 24 April 2007

Milton Friedman (1912-2006) [1] was an American economist and political theorist who became a leader of American Conservatism in its libertarian aspects. A highly proficient statistician, theorist, and public communicator, he rejected key elements of Keynesian economics, promoted his own "monetarist" [2] theories of macroeconomics, which was at the height of its influence on economy policy-making in the late 1970s and early 1980s and, although it has waned considerably since, many aspects of its influence still remain in the modern policy-making. Friedman preached vigorously the ideological doctrine that market solutions are better than government solutions. Friedman and George J. Stigler [3] led what would become known as the "Second" Chicago School [4], which is perhaps the most famous and polemical one. Stigler and Friedman were avowed Marshallians, and eschewed the methodology of the now-departed Walrasians of the Cowles Commission. The Stigler-Friedman period athe the University of Chicago was characterized by faithful adherence to Neoclassical economics and maintained itself dead against the concept of market failures, reinforcing the Chicago School [4] stance against imperfect competition and Keynesian economics. Through their influential journals -- notably, the Journal of Political Economy and the Journal of Law and Economics -- the research programme of the Chicago School was advanced and diffused. It was the Second Chicago School that is often accused of being the modern version of Manchester School [5] liberalism (or, as some maintain, the more conservative tradition of American apologism) [6] .He had great influence on numerous governments, especially in the 1980s on Ronald Reagan in the U.S. and Margaret Thatcher in Britain.[7], inspring the neoliberal political policies which became know as Reganism and Thatcherism

Bibliography

Books and articles for general audiences

  • Roofs or Ceilings?: The Current Housing Problem with George J. Stigler. (Foundation for Economic Education, 1946), 22 pp. attacks rent control
  • Capitalism and Freedom (1962) online edition; his most influential work
  • Social Security: Universal or Selective? with Wilbur J. Cohen, (1972)
  • There's No Such Thing as a Free Lunch (1975), columns from Newsweek magazine online version
  • Free to Choose: A personal statement, with Rose Friedman, (1980)
  • "The Case for Overhauling the Federal Reserve, 1985, Challenge magazine article
  • The Essence of Friedman, essays edited by Kurt R. Leube, (1987)
  • Economic Freedom, Human Freedom, Political Freedom ISBN 1-883969-00-X (1992), short pamphlet
  • "The Drug War as a Socialist Enterprise," in Arnold S. Trebach, ed. Friedman and Szasz on Liberty and Drugs: Essays on the Free Market and Prohibition (Drug Policy Foundation Press: 1992)
  • Two Lucky People: Memoirs (with Rose Friedman) (1998)
  • George Stigler: A Personal Reminiscence, Journal of Political Economy Vol. 101, No. 5 (Oct., 1993), pp. 768-773 JSTOR
  • George J. Stigler, 1911-1991: Biographical Memoir, (National Academy of Sciences: 1998), online
  • Money Mischief: Episodes in Monetary History (1994) 286 pp.
  • "The Case for Free Trade" with Rose Friedman, 1997, Hoover Digest magazine article
  • "Reflections on A Monetary History," The Cato Journal, Vol. 23, 2004, essay
  • J. Daniel Hammond and Claire H. Hammond, ed., Making Chicago Price Theory: Friedman-Stigler Correspondence, 1945-1957. Routledge, 2006. 165 pp.
  • "Why Money Matters," Wall Street Journal, Nov. 17, 2006, p. A20

Scientific books and articles

  • "Professor Pigou's Method for Measuring Elasticities of Demand From Budgetary Data" The Quarterly Journal of Economics Vol. 50, No. 1 (Nov., 1935), pp. 151-163 JSTOR
  • "Marginal Utility of Money and Elasticities of Demand," The Quarterly Journal of Economics Vol. 50, No. 3 (May, 1936), pp. 532-533 JSTOR
  • "The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance," Journal of the American Statistical Association Vol. 32, No. 200 (Dec., 1937), pp. 675-701 JSTOR
  • "The Inflationary Gap: II. Discussion of the Inflationary Gap," American Economic Review Vol. 32, No. 2, Part 1 (Jun., 1942), pp. 314-320 JSTOR
  • "The Spendings Tax as a Wartime Fiscal Measure," American Economic Review Vol. 33, No. 1, Part 1 (Mar., 1943), pp. 50-62 JSTOR
  • Taxing to Prevent Inflation: Techniques for Estimating Revenue Requirements (Columbia U.P. 1943, 236pp) with Carl Shoup and Ruth P. Mack
  • Income from Independent Professional Practice with Simon Kuznets (1945), Friedman's PhD thesis
  • "Lange on Price Flexibility and Employment: A Methodological Criticism," American Economic Review Vol. 36, No. 4 (Sep., 1946), pp. 613-631 JSTOR
  • "Utility Analysis of Choices Involving Risk" with Leonard Savage, 1948, Journal of Political Economy Vol. 56, No. 4 (Aug., 1948), pp. 279-304 JSTOR
  • "A Monetary and Fiscal Framework for Economic Stability", 1948, American Economic Review, Vol. 38, No. 3 (Jun., 1948), pp. 245-264 JSTOR
  • "A Fiscal and Monetary Framework for Economic Stability," Econometrica Vol. 17, Supplement: Report of the Washington Meeting (Jul., 1949), pp. 330-332 JSTOR
  • "The Marshallian Demand Curve," The Journal of Political Economy Vol. 57, No. 6 (Dec., 1949), pp. 463-495 JSTOR
  • "Wesley C. Mitchell as an Economic Theorist," The Journal of Political Economy Vol. 58, No. 6 (Dec., 1950), pp. 465-493 JSTOR
  • "Some Comments on the Significance of Labor Unions for Economic Policy", 1951, in D. McC. Wright, editor, The Impact of the Union.
  • "Commodity-Reserve Currency," Journal of Political Economy Vol. 59, No. 3 (Jun., 1951), pp. 203-232 JSTOR
  • "Price, Income, and Monetary Changes in Three Wartime Periods," American Economic Review Vol. 42, No. 2, Papers and Proceedings of the Sixty-fourth Annual Meeting of the American Economic Association (May, 1952), pp. 612-625 JSTOR
  • "The Expected-Utility Hypothesis and the Measurability of Utility", with Leonard Savage, 1952, Journal of Political Economy Vol. 60, No. 6 (Dec., 1952), pp. 463-474 JSTOR
  • The Methodology of Positive Economics (1953)
  • Essays in Positive Economics (1953)
  • "Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy Vol. 61, No. 4 (Aug., 1953), pp. 277-290 JSTOR
  • "The Quantity Theory of Money: A restatement", 1956, in Friedman, editor, Studies in Quantity Theory.
  • A Theory of the Consumption Function (1957)
  • "A Statistical Illusion in Judging Keynesian Models" with Gary S. Becker, Journal of Political Economy Vol. 65, No. 1 (Feb., 1957), pp. 64-75 JSTOR
  • "The Supply of Money and Changes in Prices and Output", 1958, in Relationship of Prices to Economic Stability and Growth.
  • "The Demand for Money: Some Theoretical and Empirical Results," Journal of Political Economy Vol. 67, No. 4 (Aug., 1959), pp. 327-351 JSTOR
  • A Program for Monetary Stability (Fordham University Press, 1960) 110 pp online version
  • "Monetary Data and National Income Estimates," Economic Development and Cultural Change Vol. 9, No. 3, (Apr., 1961), pp. 267-286 JSTOR
  • "The Lag in Effect of Monetary Policy," Journal of Political EconomyVol. 69, No. 5 (Oct., 1961), pp. 447-466 JSTOR
  • Price Theory ISBN 0-202-06074-8 (1962), college textbook online version
  • "The Interpolation of Time Series by Related Series," Journal of the American Statistical Association Vol. 57, No. 300 (Dec., 1962), pp. 729-757 JSTOR
  • "Should There be an Independent Monetary Authority?", in L.B. Yeager, editor, In Search of a Monetary Constitution
  • Inflation: Causes and consequences, 1963.
  • "Money and Business Cycles," The Review of Economics and Statistics Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 JSTOR
  • A Monetary History of the United States, 1867-1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
  • "Money and Business Cycles" with A. J. Schwartz, 1963, Review of Economics & Statistics.
  • "The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1898-1958", with D. Meiselman, 1963, in Stabilization Policies.
  • "A Reply to Donald Hester", with D. Meiselman, 1964
  • "Reply to Ando and Modigliani and to DePrano and Mayer," with David Meiselman. American Economic Review Vol. 55, No. 4 (Sep., 1965), pp. 753-785 JSTOR
  • "Interest Rates and the Demand for Money," Journal of Law and Economics Vol. 9 (Oct., 1966), pp. 71-85 JSTOR
  • The Balance of Payments: Free Versus Fixed Exchange Rates with Robert V. Roosa (1967)]
  • "The Monetary Theory and Policy of Henry Simons," Journal of Law and Economics Vol. 10 (Oct., 1967), pp. 1-13 JSTOR
  • "What Price Guideposts?", in G.P. Schultz, R.Z. Aliber, editors, Guidelines
  • "The Role of Monetary Policy." American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1-17 JSTOR presidential address to American Economics Association
  • "Money: the Quantity Theory", 1968, IESS
  • "The Definition of Money: Net Wealth and Neutrality as Criteria" with Anna J. Schwartz, Journal of Money, Credit and Banking Vol. 1, No. 1 (Feb., 1969), pp. 1-14 JSTOR
  • 'Monetary vs. Fiscal Policy with Walter W. Heller (1969)
  • "Comment on Tobin", 1970, Quarterly Journal of Economics
  • "Monetary Statistics of the United States: Sources, methods. with Anna J. Schwartz, 1970.
  • "A Theoretical Framework for Monetary Analysis," Journal of Political Economy Vol. 78, No. 2 (Mar., 1970), pp. 193-238 JSTOR
  • The Counter-Revolution in Monetary Theory 1970.
  • "A Monetary Theory of National Income", 1971, Journal of Political Economy
  • "Government Revenue from Inflation," Journal of Political Economy Vol. 79, No. 4 (Jul., 1971), pp. 846-856 JSTOR
  • "Have Monetary Policies Failed?" American Economic Review Vol. 62, No. 1/2 (1972), pp. 11-18 JSTOR
  • "Comments on the Critics," Journal of Political Economy Vol. 80, No. 5 (Sep., 1972), pp. 906-950 JSTOR
  • "Comments on the Critics", 1974, in Gordon, ed. Milton Friedman and his Critics.
  • "Monetary Correction: A proposal for escalation clauses to reduce the cost of ending inflation", 1974
  • The Optimum Quantity of Money: And Other Essays (1976) online version
  • Milton Friedman in Australia, 1975 (1975)
  • Milton Friedman's Monetary Framework: A Debate with His Critics (1975)
  • "Comments on Tobin and Buiter", 1976, in J. Stein, editor, Monetarism.
  • "Inflation and Unemployment: Nobel lecture", 1977, Journal of Political Economy. Vol. 85, pp. 451-72. JSTOR
  • "Interrelations between the United States and the United Kingdom, 1873-1975.", with A.J. Schwartz, 1982, J Int Money and Finance
  • Monetary Trends in the United States and the United Kingdom: Their relations to income, prices and interest rates, 1876-1975. with Anna J. Schwartz, 1982
  • "Monetary Policy: Theory and Practice," Journal of Money, Credit and Banking Vol. 14, No. 1 (Feb., 1982), pp. 98-118 JSTOR
  • "Monetary Policy: Tactics versus strategy", 1984, in Moore, editor, To Promote Prosperity.
  • “Lessons from the 1979-1982 Monetary Policy Experiment, ” Papers and Proceedings, American Economic Association. pp. 397-401. (1984).
  • "Has Government Any Role in Money?" with Anna J. Schwartz, 1986, JME
  • "Quantity Theory of Money", in J. Eatwell, M. Milgate, P. Newman, eds., The New Palgrave (1998)
  • "Money and the Stock Market," Journal of Political Economy Vol. 96, No. 2 (Apr., 1988), pp. 221-245 JSTOR
  • "Bimetallism Revisited," Journal of Economic Perspectives Vol. 4, No. 4 (Autumn, 1990), pp. 85-104 JSTOR
  • "The Crime of 1873," Journal of Political Economy Vol. 98, No. 6 (Dec., 1990), pp. 1159-1194 JSTOR
  • "Franklin D. Roosevelt, Silver, and China," Journal of Political Economy Vol. 100, No. 1 (Feb., 1992), pp. 62-83 JSTOR

About Friedman

  • Chao, Hsiang-ke. "Milton Friedman and the Emergence of the Permanent Income Hypothesis" History of Political Economy 2003 35(1): 77-104. ISSN 0018-2702 Fulltext in Project Muse
  • A.W. Bob Coats; "The Legacy of Milton Friedman as Teacher" Economic Record, Vol. 77, 2001
  • Doherty, Brian. Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement (2007)
  • Ebenstein, Lanny. Milton Friedman: A Life (2007), full-scale biography, 186pp.
  • Frazer, William. Power and Ideas: Milton Friedman and the Big U-Turn. Vol. 1: The Background. Vol. 2: The U-Turn. Gainesville, Fla.: Gulf/Atlantic, 1988. 867 pp.
  • Hammond, J. Daniel. "Remembering Economics" Journal of the History of Economic Thought 2003 25(2): 133-143. ISSN 1042-7716; focus is on Friedman
  • Hirsch, Abraham, and Neil de Marchi. Milton Friedman: Economics in Theory and Practice (1990) his methodology
  • Jordan, Jerry L., Allan H. Meltzer, Thomas J. Sargent and Anna J. Schwartz; "Milton, Money, and Mischief: Symposium and Articles in Honor of Milton Friedman's 80th Birthday" Economic Inquiry. Volume: 31. Issue: 2. 1993. pp 197+. in JSTOR
  • Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002)
  • Krugman, Paul. "Who Was Milton Friedman?" New York Review of Books Vol 54#2 Feb. 15, 2007 online version
  • Leeson, Robert, ed. Ideology and International Economy: The Decline and Fall of Bretton Woods (2003)
  • Powell, Jim. The Triumph of Liberty (New York: Free Press, 2000). See profile of Friedman in the chapter "Inflation and Depression."
  • Rayack; Elton. Not So Free to Choose: The Political Economy of Milton Friedman and Ronald Reagan Praeger, 1987; attacks Friedman's policies from the left online version
  • Steindl, Frank G. "Friedman and Money in the 1930s" History of Political Economy 2004 36(3): 521-531. ISSN 0018-2702 lecture notes from his 1940 course show he did not criticize the Fed at that time, and did not emphasize money.
  • Tavlas, George S. "Retrospectives: Was the Monetarist Tradition Invented?" Journal of Economic Perspectives 1998 12(4): 211-222. ISSN 0895-3309 Fulltext in JSTOR
  • Stigler, George Joseph. Memoirs of an Unregulated Economist (1988), autobiography of Friedman's closest friend
  • Wahid, Abu N. M. ed; Frontiers of Economics: Nobel Laureates of the Twentieth Century. Greenwood Press. 2002 pp 109-15.
  • Walters, Alan. “Friedman, Milton," New Palgrave: A Dictionary of Economics, (1987) 2:422-26

References

  1. ↑ Milton Friedman, 1912-2006 at History of Economic Thought - HET]
  2. ↑ Monetarist Economic Policy
  3. ↑ George J. Stigler, 1911-1991
  4. ↑ 4.0 4.1 The Chicago School]
  5. ↑ Manchester School ("Classical Liberals")
  6. ↑ American Apologism
  7. ↑ Ebenstein (2007) is the only full-length biography, but see also Friedman and Friedman, Two Lucky People: Memoirs (1998)
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