Milton Friedman and Economic Debate in the United States, 1932–1972, Volume 1
9780226683775
9780226683805
Milton Friedman and Economic Debate in the United States, 1932–1972, Volume 1
Milton Friedman is widely recognized as one of the most influential economists of the twentieth century. Yet no previous study has distilled Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy.
This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. The first volume, which takes the story through 1960, covers the period in which Friedman began and developed his research on monetary policy. It traces Friedman’s thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. The second volume covers the years between 1960 and 1972— years that saw the publication of Friedman and Anna Schwartz’s Monetary History of the United States. The book also covers Friedman’s involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment.
As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day.
This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. The first volume, which takes the story through 1960, covers the period in which Friedman began and developed his research on monetary policy. It traces Friedman’s thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. The second volume covers the years between 1960 and 1972— years that saw the publication of Friedman and Anna Schwartz’s Monetary History of the United States. The book also covers Friedman’s involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment.
As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day.
784 pages | 12 line drawings, 2 tables | 6 x 9 | © 2020
Economics and Business: Economics--History, Economics--Money and Banking
Reviews
Table of Contents
Introduction
Conventions Used in this Book
Conventions Used in this Book
Part 1: Friedman’s Pre-monetarist Period, 1932 to 1950
Chapter 1: 1942 and 1995 3
I. 1942
II. 1995
III. The Challenge
II. 1995
III. The Challenge
Chapter 2: Starting Out, 1932 to 1939
I. Events and Activities, 1932–39
II. Issues, 1933–39
II. Issues, 1933–39
The New Deal: Monetary Changes
The New Deal: The Supply Side
The New Deal: The Supply Side
III. Personalities, 1932–39
Henry Simons
Simon Kuznets
Henry Simons
Simon Kuznets
Chapter 3: Economic Policy on the Home Front, 1940 to 1943
I. Events and Activities, 1940–43
II. Issues, 1940–43
Paying for World War II
The Spendings Tax
II. Issues, 1940–43
Paying for World War II
The Spendings Tax
III. Personalities, 1940–43
Alvin Hansen
Clark Warburton
Alvin Hansen
Clark Warburton
Chapter 4: Money Changes Everything, 1944 to 1950
I. Events and Activities, 1944–50
II. Issues, 1944–50
The Emerging Monetarist
The Crusade against Cheap Money
III. Personalities, 1944–50
Paul Samuelson
Oskar Lange
II. Issues, 1944–50
The Emerging Monetarist
The Crusade against Cheap Money
III. Personalities, 1944–50
Paul Samuelson
Oskar Lange
Part 2: Friedman’s Framework
Chapter 5: Friedman’s Aggregate-Demand Framework: Consumption and Investment
Chapter 6: Friedman’s Aggregate-Demand Framework: Money and Securities
Chapter 7: Friedman’s Aggregate-Supply Framework
Chapter 8: Friedman’s Framework: Policy Rules
Chapter 9: Friedman’s Framework: Market Economics and Research Methodology
Part 3: Friedman’s Monetarist Years, 1951 to 1972
Chapter 10: The Accord and the New Regime, 1951 to 1960
I. Events and Activities, 1951–60
II. Issues, 1951–60
The Incomplete Revival of Monetary Policy
Cost-Push Debates
III. Personalities, 1951–60
Senators Paul Douglas and Prescott Bush
William McChesney Martin
II. Issues, 1951–60
The Incomplete Revival of Monetary Policy
Cost-Push Debates
III. Personalities, 1951–60
Senators Paul Douglas and Prescott Bush
William McChesney Martin
Notes
Bibliography
Index
Bibliography
Index