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Why There Is No Milton Friedman Today

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  • Richard A. Epstein

Abstract

The extraordinary influence of Milton Friedman is largely attributable to the passion and clarity he brought to the defense of competitive markets during the New Deal period when the public entrenchment of monopolies and cartels were standard government policy. Friedman wrote at a time when the field was smaller, specialization was limited, and technical and empirical work relatively undeveloped. Against that background, his lucid prose and emphatic judgments gained him influence that is not likely to be replicated in a more mature and variegated field.

Suggested Citation

  • Richard A. Epstein, 2013. "Why There Is No Milton Friedman Today," Econ Journal Watch, Econ Journal Watch, vol. 10(2), pages 175-179, May.
    • Handle: RePEc:ejw:journl:v:10:y:2013:i:2:p:175-179
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    References listed on IDEAS

    as
    1. William L. Davis & Bob G. Figgins & David Hedengren & Daniel B. Klein, 2011. "Economics Professors' Favorite Economic Thinkers, Journals, and Blogs (along with Party and Policy Views)," Econ Journal Watch, Econ Journal Watch, vol. 8(2), pages 126-146, May.
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    More about this item

    Keywords

    Competitive markets; Milton Friedman; John Maynard Keynes; network industries; popular influence; rate regulation; vouchers; economics; economists;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals

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