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Theory and Measurement

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  • Hammond,J. Daniel
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    Abstract

    Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this 1996 work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis - their National Bureau business cycle methods and Friedman's Marshallian methodology. With the post-war dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be 'measurement without theory'. Drawing extensively upon unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists.

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    This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521552059 and published in 1996.

    Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521552059
    Handle: RePEc:cup:cbooks:9780521552059

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    Web page: http://www.cambridge.org

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    Cited by:
    1. Bullock, David S., 2008. "Simulating the Effects of Supply and Demand Elasticities on Political-Economic Equilibrium," Agricultural Distortions Working Paper 48636, World Bank.
    2. Steindl, Frank G., 1998. "The Decline of a Paradigm: The Quantity Theory and Recovery in the 1930s," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 821-841, October.
    3. Harold L. Cole & Lee E. Ohanian, 1999. "Aggregate returns to scale: why measurement is imprecise," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 19-28.
    4. Jonathan Eaton & Samuel Kortum, 1996. "Measuring Technology Diffusion and the International Sources of Growth," Eastern Economic Journal, Eastern Economic Association, vol. 22(4), pages 401-410, Fall.

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