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100 Years Since The Birth Of Milton Friedman

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  • Marek Loužek
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    Abstract

    The paper is concerned with the economic theory of Milton Friedman. First part outlines the life of Milton Friedman. Second part examines his economic theory – “Essays in Positive Economics” (1953), “Studies in the Quantity Theory of Money“ (1956), „A Theory of the Consumption Function“ (1957), „A Program for Monetary Stability“ (1959), „A Monetary History of the United States 1897 to 1960“ (1963) and „Price Theory“ (1976). His Nobel Prize lecture and American Economic Association lecture in 1967 are discussed. The third part analyzes Friedman’s methodology. Milton Friedman was the most influential economist of the second half of the 20th century. He is best known for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Ekonomika a Management.

    Volume (Year): 2012 (2012)
    Issue (Month): 2 ()
    Pages: 49-64

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    Handle: RePEc:prg:jnleam:v:2012:y:2012:i:2:id:167:p:49-64

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    Related research

    Keywords: Chicago School of Economics; Milton Friedman; Monetarism; Quantitative theory of money; Theory of consumption function; Chicagská škola ekonomie; Milton Friedman; Monetarismus; Kvantitativní teorie peněz; Teorie spotřební funkce;

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    References

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    1. Tobin, James, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 301-17, May.
    2. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, octubre-d.
    3. Tobin, James, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?: Rejoinder," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 328-29, May.
    4. Milton Friedman & Anna J. Schwartz, 1982. "Monetary Trends in the United States and United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975," NBER Books, National Bureau of Economic Research, Inc, number frie82-2, octubre-d.
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