Milton Friedman: Constructing an Anti-Keynes
The paper considers Keynes’s major contributions before "The General Theory", namely "A Tract on Monetary Reform" and "A Treatise on Money", and shows that they were close to the views which Friedman would later develop. However, "The General Theory of Employment, Interest and Money" represented a major challenge to the orthodoxy of the time, and it was to this that Friedman radically objected. We identify the main areas in which Keynes departed from the mainstream theory of the time, and show how Friedman attempted to undermine each of Keynes’s major contributions and the extent to which he was successful. Friedman regarded Keynes’s contributions as detrimental to, and a definitive step backward for, the economics profession.
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- J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
- 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.
- 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, November.
- Harcourt,G. C. & Karmel,P. H. & Wallace,R. H., 1967. "Economic Activity," Cambridge Books, Cambridge University Press, number 9780521094276, March.
- Asimakopulos, A, 1982. "Keynes' Theory of Effective Demand Revisited," Australian Economic Papers, Wiley Blackwell, vol. 21(38), pages 18-36, June.
- G. C. Harcourt, 1995. "Capitalism, Socialism and Post-Keynesianism," Books, Edward Elgar Publishing, number 206.
- Hahn, F H, 1971. "Professor Friedman's Views on Money," Economica, London School of Economics and Political Science, vol. 38(149), pages 61-80, February.
- David Laidler, 2015.
"Three revolutions in macroeconomics: their nature and influence,"
The European Journal of the History of Economic Thought,
Taylor & Francis Journals, vol. 22(1), pages 1-25, February.
- David Laidler, 2013. "Three Revolutions in Macroeconomics: Their Nature and Influence," University of Western Ontario, Economic Policy Research Institute Working Papers 20134, University of Western Ontario, Economic Policy Research Institute.
- Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, November.
- Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
- G. J. Stigler, 1937. "A Generalization of the Theory of Imperfect Competition," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 19(3), pages 707-717. Full references (including those not matched with items on IDEAS)
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