Milton Friedman is widely regarded as one of the most influential economists of the twentieth century. Although he made many important contributions to both economic theory and policy - most clearly demonstrated by his development of and support for monetarism - he was also active in various spheres of public policy, where he more often than not pursued his championing of the free market and liberty. This volume assesses the importance of the full range of Friedman's ideas, from his work on methodology in economics, his highly innovative consumption theory, and his extensive research on monetary economics, to his views on contentious social and political issues such as education, conscription, and drugs. It also presents personal recollections of Friedman by some of those who knew him, both as students and colleagues, and offers new evidence on Friedman's interactions with other noted economists, including George Stigler and Lionel Robbins. The volume provides readers with an up to date account of Friedman's work and continuing influence and will help to inform and stimulate further research across a variety of areas, including macroeconomics, the history of economic thought, as well as the development and different uses of public policy. With contributions from a stellar cast, this book will be invaluable to academics and students alike.
Introduction
Part 1. Reflections on Friedman
1. Milton Friedman as Teacher and Scholar, Robert E. Lucas, Jr.
2. Milton Friedman: An Appreciation, Arnold C. Harberger
3. Remembering Milton Friedman, Gregory C. Chow
4. The Place of Milton Friedman in the History of Economic Thought, Bennett T. McCallum
5. Milton Friedman's Public Life After Retirement, 1976-1988, Allan H. Meltzer
Part 2. Monetary Theory and Policy
6. Milton Friedman as an Empirical Modeler, Neil R. Ericsson, David F. Hendry, and Stedman B. Hood
7. Milton Friedman and US Monetary History, Michael D. Bordo
8. Reflections on Friedman's Macroeconomics, Richard Selden
9. Reflections on Milton Friedman, the South during the Civil War, and Current Events, Eugene Lerner
10. Milton Friedman's Monetary Economics: Theory and Empirics, James R. Lothian
11. Friedman, Chicago, and Monetary Rules, Harris Dellas and George S. Tavlas
12. Why and How Should a Monetary Economy be Stabilised? The Forgotten Lessons of Milton Friedman, Sylvie Rivot
13. Friedman's Characterization of the Natural Rate of Unemployment, K. Vela Velupillai
14. What Would Milton Friedman Have Thought of Market Monetarism?, Scott B. Sumner
15. Friedman and Divisia Monetary Measures, William A. Barnett
16. Arthur Burns and Milton Friedman: Why did the Master (Burns) and the Disciple (Friedman) Understand Inflation in a Diametrically Opposed Way?, Robert L. Hetzel
17. Milton Friedman and the Federal Reserve Chairs in the 1970s, Edward Nelson
18. Monetary Targeting in Australia: Problems of Control and Prediction, Selwyn Cornish
19. Milton Friedman, the Quantity Theory and Hyperinflation in Russia, Vincent Barnett
Part 3. Consumption Theory, Fiscal Policy, and Public Policy
20. Friedman's Theory of Income and Consumption, Then and Now, John J. Seater
21. Milton Friedman's Contributions to Fiscal Economics, Michael J. Boskin
22. Milton Friedman's Contributions to Measuring the Income Effects of Borrowed Government Deficits, Robert D. Auerbach
23. Milton Friedman and the Finance of Higher Education, Nicholas Barr
24. Milton Friedman, Drug Legalization, and Public Policy, Mark Thornton
25. Milton Friedman and Occupational Licensing, Morris M. Kleiner
26. Slaves or Mercenaries? Milton Friedman and the Institution of the All-Volunteer Military, John D. Singleton
27. Straining the Social Bond: Government Policy vs. Social Custom in Capitalism and Freedom, Paul Turpin
Part 4. Methodology
28. On Reading and Misreading Friedman's 1953 Methodology Essay, Lawrence A. Boland
29. Milton Friedman's Methodology, Macroeconomics, and the Great Recession, Patrick Minford
30. Milton Friedman: A Bayesian?, Gerald P. Dwyer
31. Friedman and the Cowles Commission, Marcel Boumans
Part 5. Friedman and Other Economists
32. Milton Friedman: Constructing an Anti-Keynes, Craig Freedman, G.C. Harcourt, Peter Kriesler, and J.W. Nevile
33. The Economics and Political Economy of Milton Friedman: An Old Keynesian Critique, Thomas I. Palley
34. Friedman and his Collegial Detractors, Russell S. Boyer
35. Milton Friedman and George J. Stigler: Early Interactions and Connections, J. Daniel Hammond
36. Friedman and the Austrians, Roger W. Garrison
37. Milton Friedman, James Buchanan and Constitutional Political Economy, Peter J. Boettke and Rosolino Candela
38. Friedman and Robbins, Susan Howson
39. Friedman and Viner, Douglas A. Irwin
40. Economists as forecasters: Milton Friedman and Paul Samuelson, 1970-1974, Robert A. Cord
