Skip to main content

Milton Friedman (1912–2006)

  • Chapter
  • First Online:
The Palgrave Companion to Chicago Economics
  • 377 Accesses

Abstract

Milton Friedman was one of the most imaginative and brilliant economists of the twentieth century, writing two foundational books, and hundreds of other, often important, contributions. He also became enormously controversial and whilst lauded by many, he became despised by some. Much of that controversy arises from later criticisms of Keynesian economics which changed in character in the mid-1970s. Friedman’s earlier work was much more constructive and more scientific than the later.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 219.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 279.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 279.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    Friedman produced a number of very similar, brief accounts of his life, for example, Friedman (1976a). The much longer Friedman and Friedman (1998) is overblown and yet patchy in its coverage. Some of his recorded interviews, like Friedman (1991), are just as good, and much more charming.

  2. 2.

    Publication of the book and hence acceptance of the thesis were delayed by a controversy which has never been explained in detail. Friedman and Friedman (1998) implied that ill will of one of the NBER directors was the problem, but Collier (2017) described Wesley Mitchell’s discovery that Friedman’s original analysis had been incorrect. Interestingly, Rose Friedman (1976: 19) just blamed it on the war, which also contradicts Friedman and Friedman (1998).

  3. 3.

    It was either because Friedman antagonised the faculty with his arrogance, there was a dispute between different departments, anti-Semitism, or according to Friedman (1991), because he favoured American entry into the Second World War and others did not. Lampman (1993) assessed the matter.

  4. 4.

    There was a less noted second visit in 1981 described by Edwards and Montes (2020).

  5. 5.

    For example, by Farrell (1959: 688).

  6. 6.

    Through, for example, Vickrey (1947), a paper itself described as ‘brilliant’ by Modigliani and Brumberg (1954: 409, fn. 36).

  7. 7.

    Tobin (1958) contains some examples, though his appreciation of the book is also plain.

  8. 8.

    The following debate went on and on, with Tavlas (2021) being a contribution from which earlier ones can be traced.

  9. 9.

    The thinking is clearly visible in Friedman (1956b).

  10. 10.

    Though Brunner and Meltzer (1972) could be seen as an alternative framework to Friedman’s with something of the same motivation.

  11. 11.

    The expression was used in Friedman (1948: 254) and the point is implicit throughout Friedman and Schwartz (1963).

  12. 12.

    A similar sort of thing happens in Friedman (1962a: 44–51), where only the quietest references are made to Friedman and Schwartz (1963) while the story is presented as straightforward and established fact.

  13. 13.

    O’Sullivan (2021) offers an original and penetrating reading of the reception of Friedman and Schwartz (1963) suggesting this conclusion.

  14. 14.

    On which, see Forder and Monnery (2019).

  15. 15.

    Patinkin (1981: 31) dismissed it as being on the level of saying that the price of potatoes is a potato phenomenon.

  16. 16.

    Levrero (2018) considers the matter in detail, finding Friedman and Friedman (1998) to have made more out of it than was warranted.

  17. 17.

    The way in which the problem was treated as an immensely intricate one in the United States is evidenced by the research in Goodwin (1975).

  18. 18.

    That “broad idea” is the nebulous “Phillips curve” arising from the array of specific ideas described in Forder (2021).

  19. 19.

    I have done my best to sort out the facts in Forder (2014, 2018a, 2021).

  20. 20.

    On which, see Forder (2019b).

  21. 21.

    That case is made in Forder (2018b).

  22. 22.

    These points are argued in detail in Forder (2018c).

  23. 23.

    Chapter and verse on these things can be found in Forder and Sømme (2019).

  24. 24.

    A sample of such cases is presented in Forder (2015).

  25. 25.

    Forder (2019c) offers further comments on this matter.

  26. 26.

    For example, Skidelsky (2009) and Freedman et al. (2016).

  27. 27.

    Similarly, Backhouse and Bateman (2012) emphasised Friedman’s approval of Keynes’s attention to the data, step-by-step modelling, and seeing models as providing a framework for analysis.

  28. 28.

    This line of thinking is pursued by De Vroey (2016).

  29. 29.

    All of which are argued by Rivot (2012).

  30. 30.

    Vallois and Chassonnery-Zaïgouche (2021) consider the motivations of the piece.

  31. 31.

    The text of Friedman’s letter to Pinochet, and hence the truth about its existence, is in Friedman and Friedman (1998: 591–594).

  32. 32.

    This point is explored in Forder (2016).

  33. 33.

    This issue is explored by Cherrier (2011).

References

Main Works by Milton Friedman

  • Despres, E., A.G. Hart, M. Friedman, P.A. Samuelson and D.H. Wallace (1950). ‘The Problem of Economic Instability’. American Economic Review, 40(4): 505–538.

    Google Scholar 

  • Friedman, M. (1935). ‘Professor Pigou’s Method for Measuring Elasticities of Demand from Budgetary Data’. Quarterly Journal of Economics, 50(1): 151–163.

    Article  Google Scholar 

  • Friedman, M. (1941). ‘Review of Measurement of the Social Performance of Business, by T.J. Kreps’. American Economic Review, 31(4): 850–851.

    Google Scholar 

  • Friedman, M. (1944). ‘Review of Saving, Investment, and National Income, by O.L. Altman’. Review of Economics and Statistics, 26(2): 101–102.

    Article  Google Scholar 

  • Friedman, M. (1947). ‘Lerner on the Economics of Control’. Journal of Political Economy, 55(5): 405–416. Reprinted in M. Friedman (1953) Essays in Positive Economics. Chicago: University of Chicago Press: 301–319.

    Google Scholar 

  • Friedman, M. (1948). ‘A Monetary and Fiscal Framework for Economic Stability’. American Economic Review, 38(3): 245–264. Reprinted in M. Friedman (1953) Essays in Positive Economics. Chicago: University of Chicago Press: 133–156.

    Google Scholar 

  • Friedman, M. (1949). ‘Professor Friedman’s Proposal: Rejoinder’. American Economic Review, 39(5): 949–955.

    Google Scholar 

  • Friedman, M. (1950a). ‘Contribution of Milton Friedman’. In A Positive Program for Conservatives: A Symposium. W. Allen Wallis Papers. Box 29. University of Rochester. River Campus Libraries. Chicago: 12–15.

    Google Scholar 

  • Friedman, M. (1950b). ‘Wesley C. Mitchell as an Economic Theorist’. Journal of Political Economy, 58(6): 465–493. Reprinted with minor changes in A.F. Burns (ed.) (1952) Wesley Claire Mitchell: The Economic Scientist. New York: National Bureau of Economic Research: 237–282.

    Google Scholar 

  • Friedman, M. (1951a). ‘Some Comments on the Significance of Labor Unions for Economic Policy’. Chapter X in D.M. Wright (ed.) The Impact of the Union. New York: Harcourt, Brace: 204–234.

    Google Scholar 

  • Friedman, M. (1951b). ‘Les Effets d’Une Politique de Plein Emploi sur la Stabilité sur la Stabilité Économique: Analyse Formelle’. Économie Appliquée, 4(July–December): 441–456. Slightly revised as ‘The Effects of a Full-Employment Policy on Economic Stability: A Formal Analysis’. In M. Friedman (1953) Essays in Positive Economics. Chicago: University of Chicago Press: 117–132.

    Google Scholar 

  • Friedman, M. (1952). ‘Price, Income, and Monetary Changes in Three Wartime Periods’. American Economic Review, Papers and Proceedings, 42(2): 612–625.

    Google Scholar 

  • Friedman, M. (1953a). ‘The Methodology of Positive Economics’. In M. Friedman (ed.) Essays in Positive Economics. Chicago: University of Chicago Press: 3–43.

    Google Scholar 

  • Friedman, M. (1953b). ‘The Case for Flexible Exchange Rates’. In M. Friedman (ed.) Essays in Positive Economics. Chicago: University of Chicago: 157–203.

    Google Scholar 

  • Friedman, M. (1953c). ‘Choice, Chance, and the Personal Distribution of Income’. Journal of Political Economy, 61(4): 277–290.

    Article  Google Scholar 

  • Friedman, M. (1953d). Essays in Positive Economics. Chicago: University of Chicago Press.

    Google Scholar 

  • Friedman, M. (1954). ‘Why the American Economy Is Depression-Proof’. Nationalekonomiska Föreningens Förhandlingar, 3: 58–77. Reprinted as Chapter 2 in M. Friedman (1968) Dollars and Deficits. Englewood Cliffs, NJ: Prentice-Hall: 72–96.

    Google Scholar 

  • Friedman, M. (1956a). ‘The Quantity Theory of Money—A Restatement’. Chapter I in M. Friedman (ed.) Studies in the Quantity Theory of Money. Chicago: University of Chicago: 3–21.

    Google Scholar 

  • Friedman, M. (1956b). ‘The Keynesian Revolution and Economic Liberalism’. Lecture delivered at Wabash College, June.

    Google Scholar 

  • Friedman, M. (1957). A Theory of the Consumption Function. Princeton: Princeton University Press.

    Book  Google Scholar 

  • Friedman, M. (1959a). ‘The Demand for Money: Some Theoretical and Empirical Results’. Journal of Political Economy, 67(4): 327–351.

    Article  Google Scholar 

  • Friedman, M. (1959b). ‘Discussion’. In G.G. Somers (ed.) Proceedings of the Eleventh Annual Meeting: Industrial Relations Research Association. Wisconsin: Industrial Relations Research Association: 212–216.

    Google Scholar 

  • Friedman, M. (1960). A Program for Monetary Stability. New York: Fordham University Press.

    Google Scholar 

  • Friedman, M. (1962a). Capitalism and Freedom. Chicago: University of Chicago Press.

    Google Scholar 

  • Friedman, M. (1962b). ‘Should There Be An Independent Monetary Authority?’. Chapter VIII in L.B. Yeager (ed.) In Search of a Monetary Constitution. Cambridge, MA: Harvard University Press: 219–243. Reprinted as Chapter 6 in M. Friedman (1968) Dollars and Deficits. Englewood Cliffs, NJ: Prentice Hall: 173–194.

    Google Scholar 

  • Friedman, M. (1963). Inflation: Causes and Consequences. Bombay: Asia Publishing House. Reprinted without introduction and conclusion from the hosts in M. Friedman (1968) Dollars and Deficits. Englewood Cliffs, NJ: Prentice Hall: 17–60.

    Google Scholar 

  • Friedman, M. (1966a). ‘Interest Rates and the Demand for Money’. Journal of Law & Economics, 9(October): 71–85.

    Article  Google Scholar 

  • Friedman, M. (1966b). ‘What Price Guideposts?’. In G.P. Schultz and R.Z. Aliber (eds) Guidelines, Informal Controls, and the Market Place. Chicago: University of Chicago Press: 17–40.

    Google Scholar 

  • Friedman, M. (1966c). ‘Comments’. In G.P. Schultz and R.Z. Aliber (eds) Guidelines, Informal Controls, and the Market Place. Chicago: University of Chicago Press: 55–61.

    Google Scholar 

  • Friedman, M. (1966d). ‘Inflationary Recession’. Newsweek, 17 October: 92.

    Google Scholar 

  • Friedman, M. (1967a). ‘Must We Choose Between Inflation and Unemployment?’. Stanford Graduate School of Business Bulletin, 35(Spring): 10–13, 40, 42.

    Google Scholar 

  • Friedman, M. (1967b). ‘Current Monetary Policy’. Newsweek, 9 January: 59.

    Google Scholar 

  • Friedman, M. (1968). ‘The Role of Monetary Policy’. American Economic Review, 58(1): 1–17.

    Google Scholar 

  • Friedman, M. (1970a). The Counter-Revolution in Monetary Theory. London: Institute of Economic Affairs.

    Google Scholar 

  • Friedman, M. (1970b). ‘The Social Responsibility of Business Is To Increase Its Profits’. The New York Times Magazine, 13 September: 17.

    Google Scholar 

  • Friedman, M. (1971). ‘Government Revenue from Inflation’. Journal of Political Economy, 79(4): 846–856.

    Article  Google Scholar 

  • Friedman, M. (1972). ‘Monetary Policy’. Proceedings of the American Philosophical Society, 116(3): 183–196.

    Google Scholar 

  • Friedman, M. (1974a). ‘A Theoretical Framework for Monetary Analysis’. In R.J. Gordon (ed.) Milton Friedman’s Monetary Framework. Chicago: University of Chicago Press: 1–62.

    Google Scholar 

  • Friedman, M. (1974b). ‘Using Escalators to Help Fight Inflation’. Fortune, July: 94–97, 174, 176.

    Google Scholar 

  • Friedman, M. (1974c). ‘Comments on the Critics’. In R.J. Gordon (ed.) Milton Friedman’s Monetary Framework. Chicago: University of Chicago Press: 132–177.

    Google Scholar 

  • Friedman, M. (1975). Unemployment Versus Inflation? An Evaluation of the Phillips Curve. Occasional Paper 44. London: Institute of Economic Affairs.

    Google Scholar 

  • Friedman, M. (1976a). ‘Biographical’. Nobel Prize website. Available at: https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/biographical/.

  • Friedman, M. (1976b). ‘The Line We Dare Not Cross’. Encounter, 47(November): 8–14. Reprinted as Chapter 7 in R. Leeson and C.G. Palm (eds) (2017) Friedman on Freedom. Stanford, CA: Hoover Institution Press: 101–118.

    Google Scholar 

  • Friedman, M. (1977a). ‘Nobel Lecture: Inflation and Unemployment’. Journal of Political Economy, 85(3): 451–472.

    Article  Google Scholar 

  • Friedman, M. (1977b). ‘The Conventional Wisdom of J.K. Galbraith’. In A. Seldon (ed.) From Galbraith to Economic Freedom. Occasional Paper 49. London: Institute of Economic Affairs: 12–42.

    Google Scholar 

  • Friedman, M. (1978). ‘Inflationary Recession’. Newsweek, 24 April: 81.

    Google Scholar 

  • Friedman, M. (1982a) ‘Monetary Policy: Theory and Practice’. Journal of Money, Credit and Banking, 14(1): 98–118.

    Article  Google Scholar 

  • Friedman, M. (1982b). ‘The Yo-Yo Economy’. Newsweek, 15 February: 72.

    Google Scholar 

  • Friedman, M. (1984a). ‘Monetary Policy for the 1980s’. Chapter 2 in J.H. Moore (ed.) To Promote Prosperity: US Domestic Policy in the 1980s. Palo Alto, CA: Hoover Institution Press: 23–60.

    Google Scholar 

  • Friedman, M. (1984b). ‘Capitalism and the Jews: Confronting a Paradox’. Encounter, 63(June): 74–79.

    Google Scholar 

  • Friedman, M. (1989). ‘An Open Letter to Bill Bennett’. The Wall Street Journal, 7 September: A14.

    Google Scholar 

  • Friedman, M. (1991). ‘Academy of Achievement Interview’. Available at: https://www.youtube.com/watch?v=ujxLJx223-Y.

  • Friedman, M. (1997). ‘John Maynard Keynes’. Federal Reserve Bank of Richmond Economic Quarterly, 83(Spring): 1–23.

    Google Scholar 

  • Friedman, M. and G.S. Becker (1957). ‘A Statistical Illusion in Judging Keynesian Models’. Journal of Political Economy, 65(1): 64–75.

    Article  Google Scholar 

  • Friedman, M. and R.D. Friedman (1980). Free to Choose. London: Penguin.

    Google Scholar 

  • Friedman, M. and R.D. Friedman (1998). Two Lucky People. Chicago: University of Chicago Press.

    Google Scholar 

  • Friedman, M. and S. Kuznets (1945). Income from Independent Professional Practice. New York: National Bureau of Economic Research.

    Google Scholar 

  • Friedman, M. and D.I. Meiselman (1963). ‘The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897–1958’. In E.C. Brown et al., Stabilization Policies. Prepared for the Commission on Money and Credit. Englewood Cliffs, NJ: Prentice-Hall: 165–268.

    Google Scholar 

  • Friedman, M. and L.J. Savage (1948). ‘The Utility Analysis of Choices Involving Risk’. Journal of Political Economy, 56(4): 279–304.

    Article  Google Scholar 

  • Friedman, M. and A.J. Schwartz (1963). A Monetary History of the United States, 1867–1960. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Friedman, M. and A.J. Schwartz (1982). Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975. Chicago: University of Chicago Press.

    Book  Google Scholar 

  • Wallis, W.A. and M. Friedman (1942). ‘The Empirical Derivation of Indifference Functions’. In O. Lange, F. McIntryre and T.O. Yntema (eds) Studies in Mathematical Economics and Econometrics. Chicago: University of Chicago Press: 175–189.

    Google Scholar 

Other Works Referred To

  • Akerlof, G.A. (1970). ‘The Market for “Lemons”: Quality Uncertainty and the Market Mechanism’. Quarterly Journal of Economics, 84(3): 488–500.

    Article  Google Scholar 

  • Backhouse, R.E. and B.W. Bateman (2012). ‘“The Right Kind of an Economist”: Friedman’s View of Keynes’. Chapter 9 in T. Cate (ed.) Keynes’s General Theory: Seventy-Five Years Later. Cheltenham: Edward Elgar: 207–221.

    Google Scholar 

  • Blaug, M. (1990). John Maynard Keynes: Life, Ideas, Legacy. London: Macmillan.

    Book  Google Scholar 

  • Brunner, K. and A.H. Meltzer (1972). ‘Money, Debt, and Economic Activity’. Journal of Political Economy, 80(5): 951–977.

    Article  Google Scholar 

  • Buchanan, J.M. and G. Tullock (1962). The Calculus of Consent. Ann Arbor, MI: University of Michigan Press.

    Google Scholar 

  • Cherrier, B. (2011). ‘The Lucky Consistency of Milton Friedman’s Science and Politics, 1933–1963’. Chapter 12 in R. van Horn, P. Mirowski and T.A. Stapleford (eds) Building Chicago Economics. Cambridge: Cambridge University Press: 335–367.

    Google Scholar 

  • Collier, I. (2017). ‘NBER. Mitchell to Burns about Friedman. 1945’. Available at: https://www.irwincollier.com/nber-mitchell-to-burns-about-friedman-1945/.

  • Congdon, T. (1983). ‘Has Friedman Got It Wrong? Review of Monetary Trends’. The Banker, July: 117–125.

    Google Scholar 

  • De Vroey, M. (2016). A History of Macroeconomics from Keynes to Lucas and Beyond. Cambridge: Cambridge University Press.

    Book  Google Scholar 

  • Duesenberry, J.S. (1949). Income, Saving and the Theory of Consumer Behaviour. Cambridge, MA: Harvard University Press.

    Google Scholar 

  • Edwards, S. and L. Montes (2020). ‘Milton Friedman in Chile: Shock Therapy, Economic Freedom, and Exchange Rates’. Journal of the History of Economic Thought, 42(1): 105–132.

    Article  Google Scholar 

  • Ericsson, N.R., D.F. Hendry and S.B. Hood (2016). ‘Milton Friedman as an Empirical Modeler’. Chapter 6 in R.A. Cord and J.D. Hammond (eds) Milton Friedman: Contributions to Economics and Public Policy. Oxford: Oxford University Press: 91–142.

    Google Scholar 

  • Farrell, M.J. (1959). ‘The New Theories of the Consumption Function’. Economic Journal, 69(276): 678–696. Reprinted as Chapter 7 in M.G. Mueller (ed.) (1966) Readings in Macroeconomics. New York: Holt, Rinehart and Winston Inc.: 77–92.

    Google Scholar 

  • Fisher, I. (1907). The Rate of Interest. New York: Macmillan.

    Google Scholar 

  • Forder, J. (2014). Macroeconomics and the Phillips Curve Myth. Oxford: Oxford University Press.

    Book  Google Scholar 

  • Forder, J. (2015). ‘Textbooks on the Phillips Curve’. History of Political Economy, 47(2): 207–240.

    Article  Google Scholar 

  • Forder, J. (2016). ‘Friedman’s Lack of Influence on British Economic Policy’. Economics Series Working Papers, Paper 802, Department of Economics, University of Oxford.

    Google Scholar 

  • Forder, J. (2018a). ‘A Response to David Laidler’s Review of Macroeconomics and the Phillips Curve Myth’. Available at: https://thets.org.uk/book-reviews/a-response-to-david-laidlers-review-of-macroeconomics-and-the-phillips-curve-myth/.

  • Forder, J. (2018b). ‘Two Lectures by Friedman: One Famous, One Good’. History of Economic Ideas, 26(3): 51–67.

    Google Scholar 

  • Forder, J. (2018c). ‘What Was the Message of Friedman’s Presidential Address to the American Economic Association?’. Cambridge Journal of Economics, 42(2): 523–541.

    Article  Google Scholar 

  • Forder, J. (2019a). Milton Friedman. London: Palgrave Macmillan.

    Book  Google Scholar 

  • Forder, J. (2019b). ‘A.W.H. Phillips (1914–1975)’. Chapter 23 in R.A. Cord (ed.) in The Palgrave Companion to LSE Economics. London: Palgrave Macmillan: 579–613.

    Google Scholar 

  • Forder, J. (2019c). ‘Down with High Citation Counts’. Presented at New York.

    Google Scholar 

  • Forder, J. (2021). ‘Nine Historical Views of the Phillips Curve: Eight Authentic, One Inauthentic’. Singapore Economic Review, 66(5): 1,125–1,140.

    Google Scholar 

  • Forder, J. and H. Monnery (2019). ‘Why Did Milton Friedman Win the Nobel Prize? A Consideration of His Early Work on Stabilization Policy’. Econ Journal Watch, 16(1): 130–145.

    Google Scholar 

  • Forder, J. and K. Sømme (2019). ‘Explaining the Fame of Friedman’s Presidential Address’. Cambridge Journal of Economics, 43(6): 1,683–1,700.

    Google Scholar 

  • Freedman, C., G.C. Harcourt, P. Kriesler and J.W. Nevile (2016). ‘How Friedman Became the Anti-Keynes’. Chapter 32 in R.A. Cord and J.D. Hammond (eds) Milton Friedman: Contributions to Economics and Public Policy. Oxford: Oxford University Press: 607–630.

    Google Scholar 

  • Friedman, R.D. (1976). ‘Milton Friedman: Husband and Colleague—(2). The Beginning of a Career’. Oriental Economist, June: 18–22.

    Google Scholar 

  • Goodwin, C.D. (1975). Exhortation and Controls: The Search for a Wage-Price Policy, 1945–1971. Washington, D.C.: Brookings Institution.

    Google Scholar 

  • Gordon, R.J. (ed.) (1974). Milton Friedman’s Monetary Framework: A Debate with His Critics. Chicago: University of Chicago Press.

    Google Scholar 

  • Griffiths, B. (1972). ‘Causes, Consequences, Policies’. Chapter 2 in L. Robbins (ed.) Inflation: Economy and Society. London: Institute of Economic Affairs: 9–42.

    Google Scholar 

  • Helm, D. (1984). ‘Predictions and Causes: A Comparison of Friedman and Hicks on Method’. Oxford Economic Papers, New Series, 36(November): 118–134.

    Google Scholar 

  • Hendry, D.F. and N.R. Ericsson (1983). ‘Assertion Without Empirical Basis: An Econometric Appraisal of Monetary Trends in … the United Kingdom by Milton Friedman and Anna Schwartz’. In Monetary Trends in the United Kingdom, Bank of England Panel of Academic Consultants, Panel Paper No. 22. London: Bank of England: 45–101.

    Google Scholar 

  • Johnson, H.G. (1965). ‘A Quantity Theorist’s Monetary History of the United States’. Economic Journal, 75(298): 388–396.

    Article  Google Scholar 

  • Johnson, H.G. (1971). ‘The Keynesian Revolution and the Monetarist Counter-Revolution’. American Economic Review, Papers and Proceedings, 61(2): 1–14.

    Google Scholar 

  • Keynes, J.M. (1936) [1973]. The General Theory of Employment, Interest and Money. Volume VII of The Collected Writings of John Maynard Keynes. London: Macmillan.

    Google Scholar 

  • Kindleberger, C.P. (1973). The World in Depression, 1929–1939. Berkeley: University of California.

    Google Scholar 

  • Knight, F.H. (1922). ‘Ethics and the Economic Interpretation’. Quarterly Journal of Economics, 36(3): 454–481.

    Article  Google Scholar 

  • Lampman, R.J. (ed.) (1993). Economists at Wisconsin, 1892–1992. Madison, WI: University of Wisconsin Press.

    Google Scholar 

  • Lerner, A.P. (1944). The Economics of Control. New York: Macmillan.

    Google Scholar 

  • Levrero, E.S. (2018). ‘An Initial “Keynesian Illness”? Friedman on Taxation and the Inflationary Gap’. Cambridge Journal of Economics, 42(5): 1,219–1,237.

    Google Scholar 

  • Lucas, R.E., Jr. (1972) ‘Expectations and the Neutrality of Money’. Journal of Economic Theory, 4(2): 103–124.

    Article  Google Scholar 

  • Modigliani, F. and R.H. Brumberg (1954). ‘Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data’. Chapter 15 in K.K. Kurihara (ed.) Post-Keynesian Economics. New Brunswick, NJ: Rutgers University Press: 388–436.

    Google Scholar 

  • Nelson, E. (2020). Milton Friedman and the Economic Debate in the United States, 1932–1972. Two volumes. Chicago: University of Chicago Press.

    Google Scholar 

  • Nozick, R. (1974). Anarchy, State, and Utopia. Oxford: Basil Blackwell.

    Google Scholar 

  • O’Sullivan, M. (2021). ‘The Tawney Memorial Lecture: History as Heresy: Unlearning the Lessons of Economic Orthodoxy’. Economic History Review, 75(2): 297–335.

    Google Scholar 

  • Patinkin, D. (1969). ‘The Chicago Tradition, the Quantity Theory, and Friedman’. Journal of Money, Credit and Banking, 1(1): 46–70.

    Article  Google Scholar 

  • Patinkin, D. (1981). ‘Some Observations on the Inflationary Process’. In M.J. Flanders and A. Razin (eds) Development In An Inflationary World. New York: Academic Press: 31–34.

    Google Scholar 

  • Phillips, A.W.H. (1958). ‘The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957’. Economica, New Series, 25(100): 283–299.

    Google Scholar 

  • Rawls, J. (1971). A Theory of Justice. Cambridge, MA: Harvard University Press.

    Book  Google Scholar 

  • Rivot, S. (2012). ‘The Great Divide? Keynes and Friedman on Employment Policy’. Cahiers d’Économie Politique, 62: 223–251.

    Article  Google Scholar 

  • Robbins, L. (ed.) (1974). Inflation: Causes, Consequences, Cures. London: Institute of Economic Affairs.

    Google Scholar 

  • Schultz, H. (1938). The Theory and Measurement of Demand. Chicago: University of Chicago Press.

    Google Scholar 

  • Simons, H.C. (1936). ‘Rules Versus Authorities in Monetary Policy’. Journal of Political Economy, 44(1): 1–30.

    Article  Google Scholar 

  • Skidelsky, R. (2009). Keynes: The Return of the Master. London: Allen Lane.

    Google Scholar 

  • Stein, J.L. (ed.) (1976). Monetarism. Amsterdam: North-Holland.

    Google Scholar 

  • Tavlas, G.S. (2021). ‘Jacob Viner, Milton Friedman, and the Chicago Monetary Tradition: A Reconsideration’. Economics Working Paper 21104, Hoover Institution, Stanford University. Available at: https://www.hoover.org/sites/default/files/research/docs/21104-tavlas.pdf.

  • Temin, P. (1976). Did Monetary Forces Cause the Great Depression? New York: Norton.

    Google Scholar 

  • Tobin, J. (1958). ‘Discussion of Milton Friedman’s “A Theory of the Consumption Function”’. Chapter 28 in L.H. Clark (ed.) in Consumer Behavior: Research on Consumer Reactions. New York: Harper and Brothers: 447–454.

    Google Scholar 

  • Tobin, J. (1965). ‘The Monetary Interpretation of History’. American Economic Review, 55(3): 464–485.

    Google Scholar 

  • Tobin, J. (1972). ‘Inflation and Unemployment’. American Economic Review, 62(1/2): 1–18. Reprinted in W.L. Smith and R.L. Teigen (eds) (1974) Readings in Money, National Income, and Stabilization Policy. Third edition. Homewood, IL: R.D Irwin: 147–160.

    Google Scholar 

  • Vallois, N. and C. Chassonnery-Zaïgouche (2021). ‘“There is Nothing Wrong about Being Money Grubbing!” Milton Friedman’s Provocative “Capitalism and the Jews” in Context, 1972–88’. History of Political Economy, 53(2): 313–345.

    Article  Google Scholar 

  • Vickrey, W.S. (1947). ‘Resource Distribution Patterns and the Classification of Families’. In Studies in Income and Wealth. Volume 10. Conference on Research in Income and Wealth. New York: NBER: 266–297.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to James Forder .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Forder, J. (2022). Milton Friedman (1912–2006). In: Cord, R.A. (eds) The Palgrave Companion to Chicago Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-01775-9_20

Download citation

  • DOI: https://doi.org/10.1007/978-3-031-01775-9_20

  • Published:

  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-031-01491-8

  • Online ISBN: 978-3-031-01775-9

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

Publish with us

Policies and ethics