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Conclusion: The Legacies of Milton Friedman

In: Milton Friedman

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  • James Forder

    (University of Oxford)

Abstract

Milton Friedman’s work is assessed. It is suggested that he made brilliant contributions to economics, and up to the 1970s sought empirical resolution of crucial theoretical questions. But he failed to bring about professional consensus. After that, he made some rash public statements about economics and other matters and his reputation declined. A kind of consensus emerged, often attributed to him, but it was a consensus about the resolution of a dispute that had not occurred. He was nevertheless a great economist and in particular his forceful and fearless advocacy of the price mechanism as a way of securing freedom and coordinating behaviour provides a lesson which has had a profound effect on professional economics.

Suggested Citation

  • James Forder, 2019. "Conclusion: The Legacies of Milton Friedman," Great Thinkers in Economics, in: Milton Friedman, chapter 0, pages 399-418, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-1-137-38784-4_25
    DOI: 10.1057/978-1-137-38784-4_25
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