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Milton Friedman's Monetary Framework: A Debate with His Critics Revised ed. Edition

4 out of 5 stars 1 customer review
ISBN-13: 978-0226264080
ISBN-10: 0226264084
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Editorial Reviews

About the Author

Milton Friedman (1912–2006) was an economist who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. He was a principal founder of what has come to be known as the Chicago School of Economics. He was a well-known public champion of laissez-faire capitalism.
In 1962 the University of Chicago Press published Capitalism and Freedom, one of the most influential books of the twentieth century. In 1998 the Press published Two Lucky People, the memoir by Milton and Rose Friedman of their joint lives and work. In reviewing the book in the New York Times Book Review, David Brooks wrote: “This is a book that restores your faith in reasoned discourse.… There really are people who believe in scholarly exchange as a way to discover truth.”

Product Details

  • Series: Debate with His Critics
  • Paperback: 199 pages
  • Publisher: University of Chicago Press; Revised ed. edition (May 15, 1975)
  • Language: English
  • ISBN-10: 0226264084
  • ISBN-13: 978-0226264080
  • Product Dimensions: 0.5 x 6 x 9 inches
  • Shipping Weight: 10.4 ounces
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #1,498,656 in Books (See Top 100 in Books)

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Format: Paperback
Meltzer edited this collection of essays containing Friedman's most up to date exposition of his macro model and a series of comments from other macroeconomists such as James Tobin,Paul Davidson,Don Patinkin and Meltzer himself in the 1972-74 time period.The major problem in these essays is the failure of all the above mentioned economists(Davidson mentions the distinction frequently,but unfortunately adopted a misinterpretation of Keynes's approach to uncertainty based on the views of G L S Shackle,which are in fact a very special case of Keynes's own approach as originally specified in chapter 26 of Keynes's 1921 classic, A Treatise on Probability) to grasp the central theoretical role played in Keynes's General Theory of the clearcut distinction between risk and uncertainty.This is surprising since Friedman was certainly familiar with Knight's classic Risk,Uncertainty and Profit.Nevertheless,Friedman appears to have rejected the distinction maintained by both Knight and Keynes in favor of the subjectivist approach of Leonard J Savage,who,although discussing the problem of uncertainty(which Savage called vagueness),rejected any operational role for it in his theory of decision making under risk. The confusions of Friedman,Tobin, and Davidson all show up simultaneously in their attempted discussion of the technical details of Keynes's Theory of Effective Demand as modeled by Keynes in chapter 20 of the General Theory.Read more ›
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