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A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis

In: Money and Employment

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  • Louise Davidson

Abstract

Despite Friedman’s numerous trenchant confrontations with ‘Keynesians’, he has never compared his analytical framework with the ‘Theory of a Monetary Economy’ developed by Keynes. The purpose of this paper is, therefore, to enumerate a few of the more fundamental conceptual differences between the monetary analysis of Keynes and that of Friedman. Keynes’s analysis involves (1) the concept of uncertainty in the Knight-Keynes sense, (2) the inapplicability of a Walrasian system to a real world production economy where false trades occur, and (3) the essential properties of money which follow from the existence of uncertainty. This paper shows that recognition of these conceptual differences leads to significantly different specification of the demand for money and its supply aspects in the Keynesian system compared with Friedman’s theoretical framework.

Suggested Citation

  • Louise Davidson, 1990. "A Keynesian View of Friedman’s Theoretical Framework for Monetary Analysis," Palgrave Macmillan Books, in: Louise Davidson (ed.), Money and Employment, chapter 8, pages 132-151, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11513-6_9
    DOI: 10.1007/978-1-349-11513-6_9
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