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100 Years Since The Birth Of Milton Friedman

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  • Marek Loužek

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.

Suggested Citation

  • Marek Loužek, 2012. "100 Years Since The Birth Of Milton Friedman," Ekonomika a Management, Prague University of Economics and Business, vol. 2012(2), pages 49-64.
    • Handle: RePEc:prg:jnleam:v:2012:y:2012:i:2:id:167:p:49-64
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    References listed on IDEAS

    as
    1. 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, March.
    2. 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, March.
    3. Patinkin, Don, 1969. "The Chicago Tradition, the Quantity Theory, and Friedman," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 46-70, February.
    4. Milton Friedman, 1970. "Comment on Tobin," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(2), pages 318-327.
    5. James Tobin, 1970. "Rejoinder," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(2), pages 328-329.
    6. Milton Friedman & Simon Kuznets, 1945. "Income from Independent Professional Practice," NBER Books, National Bureau of Economic Research, Inc, number frie54-1, March.
    7. James Tobin, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(2), pages 301-317.
    8. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, March.
    9. Hsiang-Ke Chao, 2003. "Milton Friedman and the Emergence of the Permanent Income Hypothesis," History of Political Economy, Duke University Press, vol. 35(1), pages 77-104, Spring.
    10. Johnson, Harry G, 1971. "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review, American Economic Association, vol. 61(2), pages 1-14, May.
    11. David Teira, 2007. "Milton Friedman, the Statistical Methodologist," History of Political Economy, Duke University Press, vol. 39(3), pages 511-527, Fall.
    12. Milton Friedman, 1950. "Wesley C. Mitchell as an Economic Theorist," Journal of Political Economy, University of Chicago Press, vol. 58(6), pages 465-465.
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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