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Stabilization Policy and the Causes of Inflation

In: Milton Friedman

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  • James Forder

    (University of Oxford)

Abstract

It is noted that from the late 1960s, Friedman took a number of views on the question of why policymakers allowed inflation to persist. Some of his work was deeply theoretical, concerning the optimization of inflationary revenue raising. Others, including his case for indexation, were strikingly pragmatic. It is suggested that he abandoned what had been a distinctive argument in favour of indexation when he found he had no good answer to the point if there were cost-push inflation it could prove disastrous.

Suggested Citation

  • James Forder, 2019. "Stabilization Policy and the Causes of Inflation," Great Thinkers in Economics, in: Milton Friedman, chapter 0, pages 261-289, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-38784-4_15
    DOI: 10.1057/978-1-137-38784-4_15
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