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
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...
free text keywords: Milton Friedman,Chicago school,economics,economists, jel:A11, jel:A13, jel:A14, jel:B2, jel:B3

Burgin, Angus. 2012. The Great Persuasion: Reinventing Free Markets Since the Depression. Cambridge, Mass.: Harvard University Press. [OpenAIRE]

Friedman, Milton. 1946. Lange on Price Flexibility and Employment: A Methodological Criticism. American Economic Review 36(4): 613-631.

Friedman, Milton. 1947. Lerner on the Economics of Control. Journal of Political Economy 55(5): 405-416. [OpenAIRE]

Friedman, Milton. 1951. Comment on “A Test of an Econometric Model for the United States, 1921-1947” by Carl Christ. In Conference on Business Cycles, 107-114. New York: National Bureau of Economic Research.

Friedman, Milton. 1955. Leon Walras and His Economic System. American Economic Review 45(5): 900-909.

Friedman, Milton, and George J. Stigler. 1946. Roofs or Ceilings? The Current Housing Problem. Irvington-on-Hudson, N.Y.: Foundation for Economic Education.

Hammond, J. Daniel. 2011. Markets, Politics, and Democracy at Chicago: Taking Economics Seriously. In Building Chicago Economics, eds. Robert Van Horn, Philip Mirowski, and Thomas A. Stapleford, 36-63. New York: Cambridge University Press.

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

Powered by OpenAIRE Open Research Graph
Any information missing or wrong?Report an Issue