Most Influential Works of Milton Friedman
There's a ton of ink spilled on Milton Friedman (FT, NYT, WSJ) . Rather than add to the deluge of homages (you know my views that markets are imperfect), here is a short list of some of his best known and most influential writings:
• Capitalism and Freedom (1962)
• Monetary Policy: Theory and Practice
Journal of Money, Credit and Banking, February 1982
• The monetarist controversy
Milton Friedman and Franco Modigliani
Federal Reserve Bank of San Francisco, Spring 1977
• Inflation and Unemployment
Nobel Memorial Lecture
Nobelprize.org, Dec 13, 1976
• Have Monetary Policies Failed?
American Economic Review, May 1972
• A Monetary Theory of Nominal Income
Journal of Political Economy, April 1971
• A Theoretical Framework for Monetary Analysis
Journal of Political Economy, March 1970
• The Definition of Money: Net Wealth and Neutrality as Criteria
Journal of Money, Credit and Banking, February 1969
Milton Friedman and Anna J. Schwartz
• The Role of Monetary Policy
American Economic Review, March 1968
You now have sufficient reading to keep you busy all weekend . . .
UPDATE November 17, 2006 10:45am
Quote of the day:
"The Father of Monetarism (and proponent of free markets), Milton Friedman, died yesterday. Our friend Jimmy says Bernanke’s recent comments that trivialize money and monetary aggregates were probably too much for Milton to take."
UPDATE November 17, 2006 3:24pm
The WSj page one piece moves to the free section: How Milton Friedman Changed Economics, Policy and Markets
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Tracked on Nov 19, 2006 7:45:52 PM
Milton Friedman also thought that markets have imperfections. Plus, he was a sort of Keynesian (he did introduce many of his monetarist insights via a modified IS-LM model, didn't he?).
What Friedman did was to look hard at those imperfection and what we can actually do about them, if we go being the naivety of the counter-factual, omniscient welfare planner and that of what the state actually is and how it actually work, before we ask of it to control our lives.
I'm stick of people misrepresenting free market economists by strictly associating them with the model of perfect competition. -- That's a straw man.
Friedman, Stigler, their entire generation looked at market imperfection, market failures AND public failures, and saw that when government fails, and it mostly always does, things are far more ominous. They realized that interventionism is like asking a murderer to protect you from a thief.
Posted by: Gabriel M. | Nov 17, 2006 7:11:58 AM
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