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.
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.
PART 1. REFLECTIONS ON FRIEDMAN; PART 2. MONETARY THEORY AND POLICY; PART 3. CONSUMPTION THEORY, FISCAL POLICY, AND PUBLIC POLICY; PART 4. METHODOLOGY; PART 5. FRIEDMAN AND OTHER ECONOMISTS