Milton Friedman (eBook)

Also in the Great Thinkers in Economics series 6
Acknowledgements 9
Contents 10
1 Introduction 15
Part I Friedman’s Life and Autobiography 24
2 Part I Introduction 25
3 Two Lucky People 27
1Two Lucky People 28
2A Sample of Missing and Forgotten Matters 35
3An Unintellectual Work 38
4On Not Judging Motives 41
5Friedman’s Economics 45
6Conclusion 48
4 Three Controversies 50
1The Publication of Friedman and Kuznets 50
2Friedman in Chile 53
3Monetary Trends… in the United Kingdom 63
4Conclusion 71
5 Friedman in Britain in the 1970s and 1980s 72
1Friedman and Thatcher 72
2Friedman at the Institute of Economic Affairs, and Elsewhere 75
3Friedman in the British Public Eye 80
4Conclusion 85
6 Part I Conclusion 87
Part II Milton Friedman’s Economics, 1935–1957 90
7 Part II Introduction 91
8 An Early Miscellany? 93
1Statistics 93
2The Theory of Demand 95
3The Marshallian Demand Curve 97
4Book Reviews 100
5Choice Under Uncertainty 106
6Labour Unions 113
7Macroeconomics and Money 118
8Flexible Exchange Rates 131
9Conclusion 139
9 Consumption 140
1Theory of the Consumption Function 140
2Reactions to A Theory of the Consumption Function 148
3Aspects of the Theory of Consumption Before A Theory of the Consumption Function 153
4The Importance of A Theory of the Consumption Function 158
10 Methodology 165
1Friedman’s Argument 166
2Responses to Friedman 171
3Assessing Friedman’s Essay 175
4Three Good Ideas and Their Origins 181
5Other Methodological Issues 184
5.1Marshallianism and Walrasianism 184
5.2Causation 188
5.3Positive and Normative Economics, and the Explanation of Disagreement 190
6Friedman’s Essay, and Friedman’s Methodology, 1935–1957 195
7Conclusion on the Methodology of Positive Economics 201
11 Part II Conclusion 202
Part III Friedman on Money 204
12 Part III Introduction 205
13 The Monetary History and Monetary Statistics 207
1Monetary Statistics 208
2Monetary History 210
14 Quantity Theory Themes 218
1The ‘Restatement’, and Other Restatements 218
2The ‘Oral Tradition’ of the Quantity Theory 223
3The Stability of Velocity 230
4Causation 237
5The Quantity Theory Versus the Income-Expenditure Theory 242
5.1Friedman and Becker 243
5.2Friedman and Meiselman (1963) 245
5.3Friedman’s Theoretical Framework for Monetary Analysis 249
5.4A Sequel to A Theoretical Framework 253
5.5The Quantity Theory or the Income Expenditure Theory? 254
6Friedman’s Accounts of Developments in Monetary Thought 255
15 Stabilization Policy and the Causes of Inflation 264
1Rules and Discretion Continued 264
2The Optimum Quantity of Money 276
3The Causes of Excess Growth in the Quantity of Money 277
3.1Always and Everywhere a Monetary Phenomenon—Cost-Push Inflation 278
3.2The Interests of the Federal Reserve 281
3.3Development and Inflationary Government Finance 282
3.4Indexation and Disinflation 285
16 The Phillips Curve 293
1The Phillips Curve Myth 293
2Friedman on the Phillips Curve Before the Presidential Address 294
3Friedman on the Phillips Curve: From Presidential Address to 1975 296
41975 and After 303
17 Monetary Trends in the United States and the United Kingdom 309
18 Part III Conclusion 316
Part IV Popular Writing 319
19 Part IV Introduction 320
20 Capitalism and Freedom 322
1The Matter of ‘Freedom’ 322
2The Economics of Capitalism and Freedom 341
3Reactions to Capitalism and Freedom 355
21 Newsweek and Journalism 360
22 Free to Choose 373
23 Other Causes 380
1Missing Issues? 381
2Foreign Aid 381
3The Privatization of Money 382
4Drugs 384
5Conscription 385
6The Popularization of Monetarism 388
7Conclusion 392
24 Part IV Conclusion 393
25 Conclusion: The Legacies of Milton Friedman 395
References 415
Author Index 476
Subject Index 485