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The Rhetoric Of Friedman'S Quantity Theory Manifesto

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  • Thomas Mayer

    (Department of Economics, University of California Davis)

Abstract

In 1956 when Friedman published his ""The Quantity Theory of Money: A Restatement"" he faced a daunting task because of the widespread hostility to the quantity theory. This paper looks at the rhetoric (in the non-pejorative sense of the term) that he used to overcome this obstacle, and at some of the characteristics of the essay that contribute to its persuasiveness.

Suggested Citation

  • Thomas Mayer, 2003. "The Rhetoric Of Friedman'S Quantity Theory Manifesto," Working Papers 168, University of California, Davis, Department of Economics.
    • Handle: RePEc:cda:wpaper:168
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    File URL: https://repec.dss.ucdavis.edu/files/aPaV1AhLnBSKHUq6kB5gUUuT/97-1.pdf
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    References listed on IDEAS

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    1. Ozaki, Hiroyuki & Streufert, Peter A., 1996. "Dynamic programming for non-additive stochastic objectives," Journal of Mathematical Economics, Elsevier, vol. 25(4), pages 391-442.
    2. Laidler, David, 1993. "Hawtrey, Harvard, and the Origins of the Chicago Tradition," Journal of Political Economy, University of Chicago Press, vol. 101(6), pages 1068-1103, December.
    3. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6, National Bureau of Economic Research, Inc.
    4. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 25(2), pages 65-86.
    5. David Laidler, 1991. "The Quantity Theory is Always and Everywhere Controversial—Why?," The Economic Record, The Economic Society of Australia, vol. 67(4), pages 289-306, December.
    6. Clark Warburton, 1946. "The Misplaced Emphasis in Contemporary Business-Flucation Theory," The Journal of Business, University of Chicago Press, vol. 19, pages 199-199.
    7. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, March.
    8. Friedman, Milton, 1972. "Comments on the Critics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 906-950, Sept.-Oct.
    9. Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-492, June.
    10. A. C. Pigou, 1917. "The Value of Money," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 32(1), pages 38-65.
    11. M. Kalecki, 1940. "The Short-Term Rate And The Long-Term Rate," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 15-22.
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    Cited by:

    1. Ana Maria Bianchi & Cleofas Salviano, 1999. "Raúl Prebisch and the beginnings of the Latin American school of economics: a rhetorical perspective," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(3), pages 423-438.

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