Milton Friedman

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 notedeconomists, 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.

Introduction; 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: Milton Friedman's Contributions to Measuring the Income Effects of Borrowed 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