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Keynes, Chicago and Friedman: Study in Disputation

Keynes, Chicago and Friedman: Study in Disputation

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  • ISBN:9781851967674
  • Editorial: Pickering And Chatto
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  • Nº Pág.:944
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Academic - Economics - Monetarism - Policy Analysis - History Of Economic Thought; These two volumes gather together for the first time the classic essays on Chicago Monetarism. Among the contributors are Friedman, Patinkin, Harry Johnson, James Tobin, David Laidler and Michael Parkin, as well as the dominant forces of inter-war Chicago: Frank Knight, Jacob Viner, Henry Simons and Lloyd Mints. John Maynard Keynes and Milton Friedman were the most influential economists of the twentieth century, if not of all time. Their influence expanded far beyond the economics profession into the domain of public opinion and the policy process. When Friedman launched his monetarist counter-revolution in 1956 he downplayed his own originality and claimed that he was doing little more than formalising an existing Chicago 'oral tradition'. Thirteen years later, as monetarism was acquiring an almost irresistible momentum, one of Friedman's friends and ex-Chicago colleague, Don Patinkin, launched a blistering attack on Friedman's account of the Chicago origins of his counter-revolution. This in turn launched the new subdiscipline of Chicago Monetarism. As theoreticians and econometricians fiercely debating the merits and demerits of monetarism, Keynes and Friedman found this literature about Chicago and other centres of business cycle research provided rich and profound insights into the origins of the modern configuration of economics. These two volumes gather together for the first time the classic essays on Chicago Monetarism. Among the contributors are Friedman, Patinkin, Harry Johnson, James Tobin, David Laidler and Michael Parkin, as well as the dominant forces of inter-war Chicago: Frank Knight, Jacob Viner, Henry Simons and Lloyd Mints. Some of the issues under dispute can be regarded as resolved; others are still being debated. A previously unpublished text describes the content of the monetary economics course that Friedman took at Chicago in 1932-3. It demonstrates the enormous influence that the pre-General Theory Keynes exerted at Chicago. This two-volume set reveals that fierce academic disputation can generate both light and heat. It will be of interest not only to policy analysts and historians of thought but also to those interested in the process of knowledge construction in the economics profession.

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