publication . Article . 2013

The Uniqueness of Milton Friedman

J. Daniel Hammond;
Open Access
  • Published: 01 Jan 2013 Journal: Econ Journal Watch, volume 10, issue 2 May, pages 184-188
Abstract
That there is no Milton Friedman today is not a mystery; the mystery is how Milton Friedman could have been. The facts of Friedman’s biography make him unique among twentieth-century public figures. He had extensive knowledge and expertise in mathematics and statistics. Yet he became a critic of ‘formal’ theory, exemplified by mathematical economics, that failed to engage with real-world facts and data, and of econometric modeling that presumed more knowledge of economic structure than Friedman thought economists had. He was trained by a leading American Progressive, but became the leading critic of Progressive and New Deal institutions and programs. Having litt...
Subjects
free text keywords: Milton Friedman,Chicago school,economics,economists, jel:A11, jel:A13, jel:A14, jel:B2, jel:B3

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Keynes, John Maynard. 1923. A Tract on Monetary Reform. London: Macmillan. Dan Hammond is Hultquist Family Professor in the Economics Department of Wake Forest University. He served as President of the History of Economics Society in 2001-02. He has written extensively on the Chicago School, including Theory and Measurement: Causality Issues in Milton Friedman's Monetary Economics (Cambridge University Press, 1996). With Claire Hammond he edited Making Chicago Price Theory: FriedmanStigler Correspondence, 1945-1957 (Routledge, 2006), and with Steven Medema and John Singleton, Chicago Price Theory (Edward Elgar, 2013). His email address is hammond@wfu.edu.

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