Milton Friedman: Contributions to Economics and Public Policy

ISBN : 9780198704324

Robert A. Cord; J. Daniel Hammond
896 Pages
171 x 246 mm
Pub date
Jun 2016
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Milton Friedman is widely regarded as one of the most influential economists of the twentieth century. Although he made many important contributions to both economic theory and policy - most clearly demonstrated by his development of and support for monetarism - he was also active in various spheres of public policy, where he more often than not pursued his championing of the free market and liberty. This volume assesses the importance of the full range of Friedman's ideas, from his work on methodology in economics, his highly innovative consumption theory, and his extensive research on monetary economics, to his views on contentious social and political issues such as education, conscription, and drugs. It also presents personal recollections of Friedman by some of those who knew him, both as students and colleagues, and offers new evidence on Friedman's interactions with other noted economists, including George Stigler and Lionel Robbins. The volume provides readers with an up to date account of Friedman's work and continuing influence and will help to inform and stimulate further research across a variety of areas, including macroeconomics, the history of economic thought, as well as the development and different uses of public policy. With contributions from a stellar cast, this book will be invaluable to academics and students alike.


Part 1. Reflections on Friedman
1 Robert E. Lucas, Jr.: Milton Friedman as Teacher and Scholar
2 Arnold C. Harberger: Milton Friedman: An Appreciation
3 Gregory C. Chow: Remembering Milton Friedman
4 Bennett T. McCallum: The Place of Milton Friedman in the History of Economic Thought
5 Allan H. Meltzer: Milton Friedman's Public Life After Retirement, 1976-1988
Part 2. Monetary Theory and Policy
6 Neil R. Ericsson, David F. Hendry, and Stedman B. Hood: Milton Friedman as an Empirical Modeler
7 Michael D. Bordo: Milton Friedman and US Monetary History
8 Richard Selden: Reflections on Friedman's Macroeconomics
9 Eugene Lerner: Reflections on Milton Friedman, the South during the Civil War, and Current Events
10 James R. Lothian: Milton Friedman's Monetary Economics: Theory and Empirics
11 Harris Dellas and George S. Tavlas: Friedman, Chicago, and Monetary Rules
12 Sylvie Rivot: Why and How Should a Monetary Economy be Stabilised? The Forgotten Lessons of Milton Friedman
13 K. Vela Velupillai: Friedman's Characterization of the Natural Rate of Unemployment
14 Scott B. Sumner: What Would Milton Friedman Have Thought of Market Monetarism?
15 William A. Barnett: Friedman and Divisia Monetary Measures
16 Robert L. Hetzel: Arthur Burns and Milton Friedman: Why did the Master (Burns) and the Disciple (Friedman) Understand Inflation in a Diametrically Opposed Way?
17 Edward Nelson: Milton Friedman and the Federal Reserve Chairs in the 1970s
18 Selwyn Cornish: Monetary Targeting in Australia: Problems of Control and Prediction
19 Vincent Barnett: Milton Friedman, the Quantity Theory and Hyperinflation in Russia
Part 3. Consumption Theory, Fiscal Policy, and Public Policy
20 John J. Seater: Friedman's Theory of Income and Consumption, Then and Now
21 Michael J. Boskin: Milton Friedman's Contributions to Fiscal Economics
22 Robert D. Auerbach: Friedman and the Income Effects of Financing Government Deficits
23 Nicholas Barr: Milton Friedman and the Finance of Higher Education
24 Mark Thornton: Milton Friedman, Drug Legalization, and Public Policy
25 Morris M. Kleiner: Milton Friedman and Occupational Licensing
26 John D. Singleton: Slaves or Mercenaries? Milton Friedman and the Institution of the All-Volunteer Military
27 Paul Turpin: Straining the Social Bond: Government Policy vs. Social Custom in Capitalism and Freedom
Part 4. Methodology
28 Lawrence A. Boland: On Reading and Misreading Friedman's 1953 Methodology Essay
29 Patrick Minford: Milton Friedman's Methodology, Macroeconomics, and the Great Recession
30 Gerald P. Dwyer: Milton Friedman: A Bayesian?
31 Marcel Boumans: Friedman and the Cowles Commission
Part 5. Friedman and Other Economists
32 Craig Freedman, G.C. Harcourt, Peter Kriesler, and J.W. Nevile: Milton Friedman: Constructing an Anti-Keynes
33 Thomas I. Palley: The Economics and Political Economy of Milton Friedman: An Old Keynesian Critique
34 Russell S. Boyer: Friedman and his Collegial Detractors
35 J. Daniel Hammond: Milton Friedman and George J. Stigler: Early Interactions and Connections
36 Roger W. Garrison: Friedman and the Austrians
37 Peter J. Boettke and Rosolino Candela: Milton Friedman, James Buchanan and Constitutional Political Economy
38 Susan Howson: Friedman and Robbins
39 Douglas A. Irwin: Friedman and Viner
40 Robert A. Cord: Economists as forecasters: Milton Friedman and Paul Samuelson, 1970-1974

About the author: 

Robert A. Cord is a researcher in economics. His specialist area of interest is the history of economic thought and, within this, the history of macroeconomics. He is the author of Keynes (Haus 2007), and Reinterpreting the Keynesian Revolution (Routledge, 2012). Dr Cord holds a Ph.D. from Cambridge University. ; J. Daniel Hammond is Hultquist Family Professor of Economics and Department Chair at Wake Forest University. His research is on the history of economics, especially economics at the University of Chicago. He has also done work on T.R. Malthus and the formation of Malthusian ideas regarding population and resource use. He is currently working on a history of scientism in economics and related fields. He is Past President of the History of Economics Society (2001-02), and holds a Ph.D. from the University of Virginia.

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