Milton Friedman

Contributions to Economics and Public Policy

Edited by Robert A. Cord and J. Daniel Hammond

In-depth coverage of the main areas of Milton Friedman's thought
Incudes contributions from some of the very best economists of the post-war period
Considers Milton Friedman's thought within the context of latest developments within the economics profession
Asks how Milton Friedman's ideas can be applied to real-world economies especially in the wake of the global crisis

Milton Friedman

Contributions to Economics and Public Policy

Edited by Robert A. Cord and J. Daniel Hammond

Description

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.

Milton Friedman

Contributions to Economics and Public Policy

Edited by Robert A. Cord and J. Daniel Hammond

Introduction
Part 1. Reflections on Friedman
1. Milton Friedman as Teacher and Scholar, Robert E. Lucas, Jr.
2. Milton Friedman: An Appreciation, Arnold C. Harberger
3. Remembering Milton Friedman, Gregory C. Chow
4. The Place of Milton Friedman in the History of Economic Thought, Bennett T. McCallum
5. Milton Friedman's Public Life After Retirement, 1976-1988, Allan H. Meltzer
Part 2. Monetary Theory and Policy
6. Milton Friedman as an Empirical Modeler, Neil R. Ericsson, David F. Hendry, and Stedman B. Hood
7. Milton Friedman and US Monetary History, Michael D. Bordo
8. Reflections on Friedman's Macroeconomics, Richard Selden
9. Reflections on Milton Friedman, the South during the Civil War, and Current Events, Eugene Lerner
10. Milton Friedman's Monetary Economics: Theory and Empirics, James R. Lothian
11. Friedman, Chicago, and Monetary Rules, Harris Dellas and George S. Tavlas
12. Why and How Should a Monetary Economy be Stabilised? The Forgotten Lessons of Milton Friedman, Sylvie Rivot
13. Friedman's Characterization of the Natural Rate of Unemployment, K. Vela Velupillai
14. What Would Milton Friedman Have Thought of Market Monetarism?, Scott B. Sumner
15. Friedman and Divisia Monetary Measures, William A. Barnett
16. Arthur Burns and Milton Friedman: Why did the Master (Burns) and the Disciple (Friedman) Understand Inflation in a Diametrically Opposed Way?, Robert L. Hetzel
17. Milton Friedman and the Federal Reserve Chairs in the 1970s, Edward Nelson
18. Monetary Targeting in Australia: Problems of Control and Prediction, Selwyn Cornish
19. Milton Friedman, the Quantity Theory and Hyperinflation in Russia, Vincent Barnett
Part 3. Consumption Theory, Fiscal Policy, and Public Policy
20. Friedman's Theory of Income and Consumption, Then and Now, John J. Seater
21. Milton Friedman's Contributions to Fiscal Economics, Michael J. Boskin
22. Milton Friedman's Contributions to Measuring the Income Effects of Borrowed Government Deficits, Robert D. Auerbach
23. Milton Friedman and the Finance of Higher Education, Nicholas Barr
24. Milton Friedman, Drug Legalization, and Public Policy, Mark Thornton
25. Milton Friedman and Occupational Licensing, Morris M. Kleiner
26. Slaves or Mercenaries? Milton Friedman and the Institution of the All-Volunteer Military, John D. Singleton
27. Straining the Social Bond: Government Policy vs. Social Custom in Capitalism and Freedom, Paul Turpin
Part 4. Methodology
28. On Reading and Misreading Friedman's 1953 Methodology Essay, Lawrence A. Boland
29. Milton Friedman's Methodology, Macroeconomics, and the Great Recession, Patrick Minford
30. Milton Friedman: A Bayesian?, Gerald P. Dwyer
31. Friedman and the Cowles Commission, Marcel Boumans
Part 5. Friedman and Other Economists
32. Milton Friedman: Constructing an Anti-Keynes, Craig Freedman, G.C. Harcourt, Peter Kriesler, and J.W. Nevile
33. The Economics and Political Economy of Milton Friedman: An Old Keynesian Critique, Thomas I. Palley
34. Friedman and his Collegial Detractors, Russell S. Boyer
35. Milton Friedman and George J. Stigler: Early Interactions and Connections, J. Daniel Hammond
36. Friedman and the Austrians, Roger W. Garrison
37. Milton Friedman, James Buchanan and Constitutional Political Economy, Peter J. Boettke and Rosolino Candela
38. Friedman and Robbins, Susan Howson
39. Friedman and Viner, Douglas A. Irwin
40. Economists as forecasters: Milton Friedman and Paul Samuelson, 1970-1974, Robert A. Cord

Milton Friedman

Contributions to Economics and Public Policy

Edited by Robert A. Cord and J. Daniel Hammond

Author Information

Robert A. Cord, Researcher in Economics
J. Daniel Hammond, Hultquist Family Professor of Economics and Department Chair, Wake Forest University

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.

Contributors:

Robert D. Auerbach,The University of Texas at Austin
Nicholas Barr, London School of Economics
Vincent Barnett, Research Fellow
William A. Barnett, University of Kansas and Center for Financial Stability
Peter J. Boettke, George Mason University
Lawrence A. Boland, Simon Fraser University
Michael D. Bordo, Rutgers University
Michael J. Boskin, Stanford University
Marcel Boumans, University of Amsterdam and Erasmus University Rotterdam
Russell S. Boyer, University of Western Ontario
Rosolino Candela, George Mason University
Gregory C. Chow, Princeton University
Robert A. Cord, researcher in economics
Selwyn Cornish, Australian National University
Harris Dellas, University of Bern
Gerald P. Dwyer, Clemson University
Neil R. Ericsson, Federal Reserve System
Craig Freedman, The Australian School of Business
Roger W. Garrison, Auburn University
J. Daniel Hammond, Wake Forest University
Arnold C. Harberger, University of California, Los Angeles
G.C. Harcourt, University of Cambridge and University of Adelaide
David F. Hendry, Oxford University
Robert L. Hetzel, Federal Reserve Bank of Richmond
Stedman B. Hood, PlateJoy Inc.
Susan Howson, University of Toronto
Douglas A. Irwin, Dartmouth College
Morris M. Kleiner, University of Minnesota
Peter Kriesler, University of New South Wales
Eugene Lerner, Hightower Investment Advisors
James R. Lothian, Fordham University
Robert E. Lucas, Jr., University of Chicago
Bennett T. McCallum, Carnegie Mellon University
Allan H. Meltzer, Carnegie Mellon University and Stanford University
Patrick Minford, Cardiff University
Edward Nelson, University of Sydney
J.W. Nevile, University of California, Berkeley
Thomas I. Palley, AFL-CIO
Sylvie Rivot, University of Mulhouse
John J. Seater, Boston College
Richard Selden, University of Virginia
John D. Singleton, Duke University
Scott B. Sumner, Bentley University
George S. Tavlas, Bank of Greece
Mark Thornton, Ludwig von Mises Institute
Paul Turpin, University of the Pacific
K. Vela Velupillai, University of Trento

Milton Friedman

Contributions to Economics and Public Policy

Edited by Robert A. Cord and J. Daniel Hammond

Reviews and Awards

"This huge feast of a book offers a choice of 40 servings presented over a range of five courses on one of the twentieth centuryâs economic giants." -- Alex Millmow (Federation University, Australia), Economic Record

"Milton Friedman contains important additions to the growing corpus of works about his life and ideas, which we can usefully ponder." -- Journal of Economic Literature

Milton Friedman

Contributions to Economics and Public Policy

Edited by Robert A. Cord and J. Daniel Hammond

From Our Blog

How much do you know about Milton Friedman? [quiz]

Milton Friedman is regarded as one of the most prominent economists of the twentieth century, contributing to both economic theory and policy. 31st July is his birthday, and this year marks 10 years since his death, and 40 years since he won the Nobel Prize for Economics for his contributions to consumption analysis and to monetary theory and history.

Posted on July 31, 2016

Read the blog post