Milton Friedman and Monetarism

Friedman, Milton

Milton Friedman (frēd´mən), 1912–2006, American economist, b. New York City, Ph.D. Columbia, 1946. Friedman was influential in helping to revive the monetarist school of economic thought (see monetarism). He was a staff member at the National Bureau of Economic Research (1937–46, 1948–81) and an economics professor at the Univ. of Chicago (1946–82). Much of Friedman's early work is notable for its arguments against government economic controls. His writings dismissed Keynesian theories on consumption, price theory, inflation, distribution, and the money supply (see Keynes, John Maynard). His most famous empirical work is A Monetary History of the United States, 1867–1960, coauthored with Anna J. Schwartz (1963). The book charts the relationship between general price levels and economic cycles and the government's manipulation of the money supply. Friedman also predicted that the spending associated with government programs would interact with the "natural rate of unemployment" to result in the stagflation of the 1970s. Friedman was a prolific author; his other works included Capitalism and Freedom (1964, rev. ed. 1981), Politics and Tyranny (1985), and Monetarist Economics (1991). With his wife, Rose (1910?–2009), a Univ. of Chicago–educated free-market economist, he wrote Free to Choose (1981), The Tyranny of the Status Quo (1984), and the dual memoir Two Lucky People (1998). In 1976 he won the Nobel Memorial Prize in Economic Sciences. He was an adviser to the Reagan administration in the 1980s, and also was a columnist for Newsweek (1966–84) and a frequent television commentator.

See biography by A. Hirsch and N. De Marchi (1990).

The Columbia Encyclopedia, 6th ed. Copyright© 2014, The Columbia University Press.

Selected full-text books and articles on this topic

Milton Friedman, 1912-2006
Cole, Julio H.
Independent Review, Vol. 12, No. 1, Summer 2007
PEER-REVIEWED PERIODICAL
Peer-reviewed publications on Questia are publications containing articles which were subject to evaluation for accuracy and substance by professional peers of the article's author(s).
Monetary Policy and the Legacy of Milton Friedman
Schwartz, Anna J.
The Cato Journal, Vol. 28, No. 2, Spring-Summer 2008
PEER-REVIEWED PERIODICAL
Peer-reviewed publications on Questia are publications containing articles which were subject to evaluation for accuracy and substance by professional peers of the article's author(s).
Capitalism and Freedom
Milton Friedman; Rose D. Friedman.
University of Chicago Press, 1982
There's No Such Thing as a Free Lunch
Milton Friedman.
Open Court, 1975
A Program for Monetary Stability
Milton Friedman.
Fordham University Press, 1960
The Demand for Money: Some Theoretical and Empirical Results
Milton Friedman.
National Bureau of Economic Research, 1959
Monetary vs. Fiscal Policy
Milton Friedman; Walter W. Heller.
W.W. Norton, 1969
Milton Friedman and U.S. Monetary History: 1961-2006
Nelson, Edward.
Federal Reserve Bank of St. Louis Review, Vol. 89, No. 3, May-June 2007
Milton Friedman on Income Inequality
Cole, Julio H.
Journal of Markets & Morality, Vol. 11, No. 2, Fall 2008
PEER-REVIEWED PERIODICAL
Peer-reviewed publications on Questia are publications containing articles which were subject to evaluation for accuracy and substance by professional peers of the article's author(s).
An Ethical Critique of Milton Friedman's Doctrine on Economics and Freedom
Vorster, Nico.
Journal for the Study of Religions and Ideologies, Vol. 9, No. 26, Summer 2010
PEER-REVIEWED PERIODICAL
Peer-reviewed publications on Questia are publications containing articles which were subject to evaluation for accuracy and substance by professional peers of the article's author(s).
Not So Free to Choose: The Political Economy of Milton Friedman and Ronald Reagan
Elton Rayack.
Praeger, 1987
Great Experiments in American Economic Policy: From Kennedy to Reagan
Thomas Karier.
Praeger, 1997
Librarian’s tip: Chap. 2 "Origins of Monetarism"
The Scourge of Monetarism
Nicholas Kaldor.
Oxford University Press, 1986 (2nd edition)
The Government of Money: Monetarism in Germany and the United States
Peter A. Johnson.
Cornell University Press, 1998
Librarian’s tip: Chap. Five "The Monetarist Revolution and the Fed, 1970-1985"
Monetary Economics
Jagdish Handa.
Routledge, 2000
Librarian’s tip: "Milton Friedman and Monetarism" begins on p. 367
The Life and Times of Milton Friedman: Remembering the 20th Century's Most Influential Libertarian
Doherty, Brian.
Reason, Vol. 38, No. 10, March 2007
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