Milton Friedman′s Monetary Framework: A Debate with His Critics - Softcover

Friedman

Softcover

ISBN 10: 0226264084 ISBN 13: 9780226264080

Publisher: University of Chicago Press, 1975

Synopsis

In response to widespread interest in a formal complete statement analyzing aspects of the money-income relationship and clarification of his quantity theory, Milton Friedman in 1970 published "A Theoretical Framework for Monetary Analysis," and a year later "A Monetary Theory of Nominal Income," both in the Journal of Political Economy. A combined version of these essays, first published by the National Bureau of Economic Research, begins this volume.

Because his statement was important and controversial both as a commentary on the history of economic thought and as a theoretical contribution in its own right, the Journal of Political Economy in 1972 presented critical reviews from noted monetary theorists, including Karl Brunner and Allan H. Meltzer, James Tobin, Paul Davidson, and Don Patinkin. Their studies, which are printed in the present volume, focus on substantive issues, covering a variety of topics. All of their major points are discussed in Friedman's reply, which clarifies and expands upon his original themes and introduces interesting new material. Thus the synthesis of his two articles, the critical comments, and his response, together with an introduction by Robert J. Gordon, are combined in one volume for the convenience of scholars and students.

About this title

About the Author

Milton Friedman (1912-2006) was the Paul Snowden Russell Distinguished Service Professor Emeritus in Economics at the University of Chicago. He received the 1976 Nobel Prize in Economics and is best known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. He was a principal founder of what has come to be known as the Chicago School of Economics and was one of the world's leading proponents of the importance of the free market. Friedman authored many books during his lifetime including the seminal work Capitalism and Freedom, which was published by Chicago in 1962. He and his wife Rose Friedman co-authored the memoir Two Lucky People, also published by Chicago. James Tobin (1918-2002) was the Sterling Professor of Economics at Yale University. His contributions to the theoretical formulation of investment behavior earned him the Nobel Prize for Economics in 1981. Tobin authored a number of books, including The American Business Creed (with others), National Economic Policy, and Essays in Economics.

Edition details

• Publisher: University of Chicago Press
• Publication date: 1975
• ISBN 10: 0226264084
• ISBN 13: 9780226264080
• Binding: Paperback
• Language: English
• Edition number: 1
• Number of pages: 208