Tag Archives: Milton Friedman

Mark Thoma had this up on Facebook. and pulled this from Tim Taylor’s Conversable Economist. It is an interesting read. “Fifty years ago in 1968, Milton Friedman’s Presidential Address to the American Economic Association set the stage for battles in macroeconomics that have continued ever since. The legacy of the talk has been important enough that in the Winter 2018 issue of the Journal of Economic Perspectives, where I work as Managing Editor (Tim...

Here all the links to the papers of the last issue of the Review of Keynesian Economics:Thomas Palley and Matías Vernengo: Milton Friedman’s Presidential Address at fifty Robert Solow: A theory is a sometime thing  Robert J. Gordon: Friedman and Phelps on the Phillips curve viewed from a half century’s perspective  David Laidler: Why the fuss? Friedman (1968) after 50 years  Roger E. A. Farmer: The role of financial policy  James Forder: Why is labour market adjustment so slow in...

His full paper was published in the Review of Keynesian Economics. He reminds us that it was a talk to undermine 'eclectic Keynesianism' about which he says: Milton Friedman's famous presidential address of 1968... aims to undermine the eclectic American Keynesianism of the 1950s and 1960s, the habits of thought to which Joan Robinson attached the (unintentionally) complimentary label of ‘bastard’ Keynesianism. I will only say a little about what that was. In fact, the adjective ‘eclectic’...

Recommended reading on the history and philosophy of science, the philosophy of economics, and Milton Friedman's instrumentalism.EvonomicsEconomists Should Stop Defending Milton Friedman’s Pseudo-science George H. Blackford | former Chair of the Department of Economics at the University of Michigan-Flint

In a previous post (Milton Friedman: A Man of the Past?), I concluded that Milton Friedman, an extreme advocator of "free market" and individualism, is mostly an economist of the past. In this post, I will highlight John Maynard Keynes, a balanced advocator of both "free market" and "managed market", as the best economist since 1899.... Frank Li is a Chinese ex-pat now a businessman in the US, has a BE, ME, and PdD in electrical engineering. So cut him some space on the economics. He is...

In September 1970 Milton Friedman published an articlein The New York Times Magazine, “The Social Responsibility of Business is to Increase its Profits.” Friedman, who has received the Nobel Prize in Economics in 1976, is probably the most influential economist of the second half of the twentieth century. His views have become the mainstream economic thinking, although few economists today care to state them as boldly as Friedman. In my recent book UltrasocietyI use the examples of...

Peter Fleming tells what his book, The Death of Homo Economicus, is about. Economic Sociology and Political Economy Is Homo Economicus Dead? Peter Fleming | Professor of Business and Society at Cass Business School, City, University of London

I’m talking about the 1962 Milton Friedman/Anna Schwarz article ‘Money and Business Cycles’ (the Minsky comments can be found in the same document). According to Friedman and Schwarz, the government and only the government indirectly creates money mainly via central bank interest and QE like bank-liquidity policies. Period. Which makes the government, and only the government, responsible for these deep depressions. Period.… The 64 trillion-dollar question is of course: why do Friedman and...

 Who's your daddy? Just finished my summer macro class (last Friday actually; grades were due Monday). One of the things that always becomes important in the course is how to define the break between Keynes, or at least Keynes and the Old Neoclassical Synthesis, on the one hand, and Friedman and Lucas, in the case of the latter both the New Classical models (monetary misperception) and Real Business Cycle (RBC) models, on the other. Many authors suggest that Lucas should be considered,...