Milton Friedman, 1912–2006
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Education Policy and Friedmanomics: Free Market Ideology and Its Impact
Education Policy and Friedmanomics: Free Market Ideology and Its Impact on School Reform Thomas J. Fiala Department of Teacher Education Arkansas State University Deborah Duncan Owens Department of Teacher Education Arkansas State University April 23, 2010 Paper presented at the 68th Annual National Conference of the Midwest Political Science Association Chicago, Illinois 2 ABSTRACT The purpose of this paper is to examine the impact of neoliberal ideology, and in particular, the economic and social theories of Milton Friedman on education policy. The paper takes a critical theoretical approach in that ultimately the paper is an ideological critique of conservative thought and action that impacts twenty-first century education reform. Using primary and secondary documents, the paper takes an historical approach to begin understanding how Friedman’s free market ideas helped bring together disparate conservative groups, and how these groups became united in influencing contemporary education reform. The paper thus considers the extent to which free market theory becomes the essence of contemporary education policy. The result of this critical and historical anaysis gives needed additional insights into the complex ideological underpinnings of education policy in America. The conclusion of this paper brings into question the efficacy and appropriateness of free market theory to guide education policy and the use of vouchers and choice, and by extension testing and merit-based pay, as free market panaceas to solving the challenges schools face in the United States. Administrators, teachers, education policy makers, and those citizens concerned about education in the U.S. need to be cautious in adhering to the idea that the unfettered free market can or should drive education reform in the United States. -
Nine Lives of Neoliberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative -
Friedman's Monetary Framework
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics Friedman’s Monetary Framework: Some Lessons Ben S. Bernanke t is an honor and a pleasure to have this opportunity, on the anniversary of Milton and Rose Friedman’s popular classic, Free to Choose, to speak on I Milton Friedman’s monetary framework and his contributions to the theory and practice of monetary policy. About a year ago, I also had the honor, at a conference at the University of Chicago in honor of Milton’s ninetieth birthday, to discuss the contribution of Friedman’s classic 1963 work with Anna Schwartz, A Monetary History of the United States.1 I mention this earlier talk not only to indicate that I am ready and willing to praise Friedman’s contributions wherever and whenever anyone will give me a venue but also because of the critical influ- ence of A Monetary History on both Friedman’s own thought and on the views of a generation of monetary policymakers. In their Monetary History, Friedman and Schwartz reviewed nearly a cen- tury of American monetary experience in painstaking detail, providing an his- torical analysis that demonstrated the importance of monetary forces in the economy far more convincingly than any purely theoretical or even economet- ric analysis could ever do. Friedman’s close attention to the lessons of history for economic policy is an aspect of his approach to economics that I greatly admire. Milton has never been a big fan of government licensing of profession- als, but maybe he would make an exception in the case of monetary policy- makers. -
The Increasingly Libertarian Milton Friedman: an Ideological Profile
Discuss this article at Journaltalk: http://journaltalk.net/articles/5820 ECON JOURNAL WATCH 11(1) January 2014: 81-96 The Increasingly Libertarian Milton Friedman: An Ideological Profile Lanny Ebenstein1 LINK TO ABSTRACT That Milton Friedman (1912–2006) grew more consistently, even stridently, libertarian over the course of the last 50 years of his long life has been noticed by several writers. Among these is Brian Doherty (2012), who published a book review whose title I also use for the present article, simply because it says it best.2 The present article is written as something of a follow-up to Dan Hammond’s recent ideological profile of Friedman (Hammond 2013), which I find highly admirable as far as it goes, but which leaves off how Friedman continued to grow more libertarian during the last several decades of his life. The “first Chicago school” and Milton Friedman to the late 1940s Although there are no hard-and-fast definitions, classical liberalism favors free trade among nations and a presumption of liberty in domestic issues. It advo- cates limited and efficient government, and low taxes. It was and has generally remained anti-imperialist, anti-interventionist, and socially tolerant. Such was the larger view of Jacob Viner, Frank Knight, Henry Simons, and other economists at the University of Chicago from the middle 1920s to middle 1940s. It was apparent 1. University of California, Santa Barbara, CA 93106. 2. Doherty (2013) also speaks of Friedman’s “later, more libertarian years.” VOLUME 11, NUMBER 1, JANUARY 2014 81 EBENSTEIN in this period that the federal government increasingly involved itself in the economy, and during the Great Depression the Chicago economists were almost unanimous in calling for stimulative monetary and fiscal policies and relief pro- grams (Davis 1971). -
Pragmatism As a Pillar of the New Developmentalism Pragmatismo Como Um Pilar Do Novo Desenvolvimentismo
Brazilian Journal of Political Economy, vol 40, nº 2, pp 376-397, April-June/2020 Pragmatism as a pillar of the New Developmentalism Pragmatismo como um pilar do Novo Desenvolvimentismo JOÃO PAIVA-SILVA*,** RESUMO: Os estudiosos do Novo Desenvolvimentismo geraram um corpo substancial de conhecimento sobre a transformação estrutural e as políticas que devem ser adotadas para promover sua conquista. No entanto, como é discutido neste artigo, o Novo Desenvolvi- mentismo, em contraste com o Neoliberalismo, carece de uma base filosófica sólida para legitimar as políticas que favorecem por outros motivos que não a capacidade de gerar prosperidade. Também se argumenta que os novos-desenvolvimentistas deveriam adotar explicitamente uma filosofia pragmática para se tornar uma alternativa mais séria a outras doutrinas da economia política. PALAVRAS-CHAVE: Filosofia econômica; história do pensamento econômico; desenvolvi- mento econômico; Novo Desenvolvimentismo; institucionalismo. ABSTRACT: The scholars of New Developmentalism have generated a substantial body of knowledge regarding structural transformation and the policies that should be adopted to foster its achievement. Nevertheless, as is argued in this paper, New Developmentalism, by contrast with Neoliberalism, lacks a strong philosophical foundation to legitimise the poli- cies it favours on grounds other than their ability to generate prosperity. It is also argued that new-developmentalists should explicitly adopt a pragmatic philosophy in order to be- come a more serious alternative to other political economy doctrines. KEYWORDS: Economic philosophy; history of economic thought; economic development; New Developmentalism; institutionalism. JEL Classification: A13; B5; O10. * Centre for African and Development Studies – Lisbon School of Economics and Management – Uni- versity of Lisbon, Lisboa/Portugal. -
University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis
University of Birmingham Revisiting Samuelson's Foundations of Economic Analysis Backhouse, Roger DOI: 10.1257/jel.53.2.326 License: None: All rights reserved Document Version Publisher's PDF, also known as Version of record Citation for published version (Harvard): Backhouse, R 2015, 'Revisiting Samuelson's Foundations of Economic Analysis' Journal of Economic Literature, vol 53, no. 2, pp. 326-350. DOI: 10.1257/jel.53.2.326 Link to publication on Research at Birmingham portal General rights When referring to this publication, please cite the published version. Copyright and associated moral rights for publications accessible in the public portal are retained by the authors and/or other copyright owners. It is a condition of accessing this publication that users abide by the legal requirements associated with these rights. • You may freely distribute the URL that is used to identify this publication. • Users may download and print one copy of the publication from the public portal for the purpose of private study or non-commercial research. • If a Creative Commons licence is associated with this publication, please consult the terms and conditions cited therein. • Unless otherwise stated, you may not further distribute the material nor use it for the purposes of commercial gain. Take down policy If you believe that this document infringes copyright please contact [email protected] providing details and we will remove access to the work immediately and investigate. Download date: 16. May. 2017 Journal of Economic Literature 2015, 53(2), 326–350 http://dx.doi.org/10.1257/jel.53.2.326 Revisiting Samuelson’s Foundations of Economic Analysis† Roger E. -
Institutional Economics
INSTITUTIONAL ECONOMICS AT COLUMBIA UNIVERSITY Malcolm Rutherford University of Victoria (This Draft: March 2001) This paper draws on archival work using the James Bonbright Papers, J. M. Clark Papers, Joseph Dorfman Papers, Carter Goodrich Papers, Robert Hale Papers, and Wesley Mitchell Papers, all at the Rare Book and Manuscript Library, Columbia University, the Arthur F. Burns Papers at the Eisenhower Library, Abilene, Kansas, and the John R. Commons Papers at the State Historical Society of Wisconsin. My thanks to Lowell Harriss, Aaron Warner, Eli Ginzberg, Donald Dewey, Mark Perlman, Daniel Fusfeld, Mark Blaug, and Walter Neale for sharing their recollections of Columbia. Thanks also to my research assistant Cristobal Young. Any errors are my responsibility. This research has been supported by a Social Science and Humanities Research Council of Canada research grant (project # 410-99-0465). 1 1. Introduction In a number of recent papers I have attempted to outline the nature of the institutionalist movement in American economics in the interwar period (Rutherford 2000a, 2000b, 2000c). At that time institutionalism was a very significant part of American economics. In terms of research output and the production of graduate students, the main centers for institutionalism were the university of Chicago (until 1926 and the departure of J. M. Clark), the University of Wisconsin, the Robert Brookings Graduate School (which existed only briefly between 1923 and 1928), and, after the arrival of Wesley Mitchell in 1913, and J. M. Clark in 1926, Columbia University. Columbia University became the academic home of a large concentration of economists of institutionalist leaning, and other Schools and Departments in the University, particularly Business, Law, Sociology, and Philosophy, also contained many people of similar or related persuasion. -
100 Years Since the Birth of Milton Friedman Marek Loužek 1
REVIEW OF ECONOMIC PERSPECTIVES – NÁRODOHOSPODÁ ŘSKÝ OBZOR, VOL. 12, ISSUE 3, 2012, pp. 185–203 , DOI: 10.2478/v10135-012-0008-4 100 Years since the Birth of Milton Friedman Marek Loužek 1 Abstract: The paper deals with the economic theory of Milton Friedman. Its first part outlines the life of Milton Friedman. The second part examines his economic theories – “Essays in Positive Economics” (1953), “Studies in the Quantity Theory of Money“ (1956), “A Theory of the Consumption Function” (1957), “A Program for Monetary Stability” (1959), “A Monetary History of the United States 1897 to 1960” (1963), and “Price Theory” (1976). His Nobel Prize lecture and American Economic Association lecture in 1967 are discussed, too. The third part analyzes Friedman’s methodology. Milton Friedman was the most influential economist of the second half of the 20th century. He is best known for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. Key words: Chicago School of Economics, Milton Friedman, monetarism, quantitative theory of money, theory of consumption function JEL Classification: B212, B31, E40, N10, 011 Milton Friedman was born one hundred years ago, which gives us an opportunity to commemorate this famous economist who has become a legend of economic theory indeed, and with his permanent income hypothesis, foundation of monetarism and the methodology of positive economics will forever be an inseparable part of economic theory. Why was Friedman’s economics such a revolutionary one, and why can we still learn much from him? Milton Friedman’s work is vivid and encompasses a broad scale, from highly expert and technical essays, to popular articles published in Newsweek, and to political- philosophical books. -
Milton Friedman: a Bibliography
__________________________________________________________________ MILTON FRIEDMAN: A BIBLIOGRAPHY Compiled by Julio H. Cole1 Milton Friedman (1912-2006), the world-famous author of Capitalism and Freedom (1962) and Free to Choose (1980), was one of the most influential economists of the 20th century, and his memory will live long in the lore of economics. To mark the centenary of his birth, Laissez-Faire is pleased to publish this bibliography, the most complete listing to date of his scholarly writings. It provides both an indication of the breadth of his interests, and a measure of the magnitude of his contribution to economic scholarship. A. Books by Milton Friedman .…………………………………………… 98 B. Other Publications by Milton Friedman .……………………………… 100 C. Published Correspondence ……………………………………………. 120 D. Published Interviews ...………………………………………………... 121 1Professor of Economics, Universidad Francisco Marroquín (Guatemala). This bibliography is based upon three earlier bibliographical orientations to Friedman‘s writings: Niels Thygesen, ―The Scientific Contributions of Milton Friedman,‖ Scandinavian Journal of Economics, 79 (1977): 84-98, Kurt Leube (ed.), The Essence of Friedman (Stanford, CA: Hoover Institution Press, 1987), pp. 526-51 (compiled by Gloria Valentine), and Marc Lavoie and Mario Seccareccia (eds.), Milton Friedman et son oeuvre (Montreal: Presses de l‘Université de Montréal, 1993), pp. 191-24 (compiled by Gilles Dostaler). It includes books authored, co-authored or edited by Milton Friedman, introductions and forewords to books by other authors, articles in scholarly and professional journals, comments and replies, chapters in edited volumes, articles in encyclopedias and general interest magazines, book reviews, and published interviews. It does not include articles published in newspapers or in news magazines, speeches, or testimonies to congressional committees. -
Econometrics, Practice Questions, ECO54 Udayan Roy These Questions Are Based on Chapter 11 of the Ordinary Business of Life by R
Econometrics, Practice Questions, ECO54 Udayan Roy These questions are based on chapter 11 of The Ordinary Business of Life by Roger Backhouse and Chapter 16 of History of Economic Thought, Fourth Edition, by Harry Landreth and David Colander. The latter item was distributed as a handout in class. If you do not have it, please pick up your copy from the economics department’s offices. 1. On the issue of using observed facts to test economic theories, which of the following is correct? a. Most economists believe that their theories of how the economy works must be tested against real-world events and data. However, there is more disagreement on the proper procedure for the use of data to test theories. b. Few economists believe that their theories of how the economy works must be tested against real-world events and data. However, most economists agree on the proper procedure for the use of data to test theories, if such testing is done. c. As economists generally cannot do controlled experiments to test their theories, most economists believe that it is futile to try to use real-world data to test their theories. d. Most economists believe that their theories of how the economy works must be tested against real-world events and data. Most economists agree that the only proper procedure for such testing is to run controlled experiments. 2. According to Ragnar Frisch, a Norwegian economist who became a pioneer of the subject, econometrics a. Is the expression of economic theory in mathematical terms b. Refers to the collection of data to describe an economy quantitatively c. -
Aggregation Problem in Demand Analysis, 1930S-1950S
Aggregation Problem in Demand Analysis, 1930s-1950s Hugo Chu∗ Abstract This article examines the emergence of the representative agent as the outcome of trans- formations that occurred in microeconomics in the 1930s-1950s years, especially in the subfield of demand theory. To tell this story, I begin with a particular historical inter- pretation of this subfield, propounded by Wade Hands and Philip Mirowski in the 1990s, known as the Hotelling-Schultz Impasse. Although this impasse was abandoned by the end of the 1930s, the testing of the Symmetry Restrictions and the validity of the Integra- bility Conditions continued to draw the attention of different research centers. The Cowles Commission, represented by its research director, Tjalling Koopmans, played an impor- tant role during this stage and, more to the point, in the subsequent emergence of the representative agent in microeconomics through their approach to aggregation problem. The significance of Paul Samuelson's introduction of homothetic preferences into General Equilibrium Theory and its connection to Koopmans's writings during the 1950s is also emphasized. Keywords: Representative Agent, Aggregation Problem, Tjalling Koopmans Resumo O presente artigo examina a emerg^enciado agente representativo como resultado da trans- forma¸c~aoque ocorreu na economia nos anos de 1930 a 1950, especialmente no subcampo da teoria da demanda. Para contar essa hist´oria,eu come¸cocom uma interpreta¸c~aohist´orica particular proposta por Wade Hands e Philip Mirowski nos anos de 1990 conhecido como o Impasse de Hotelling-Schultz. Embora esse impasse tenha sido abandonado ao final da d´ecadade 1930, o teste da Restri¸c~aode Simetria e a validade das Condi¸c~oesde Integrabil- idade continuou a chamar aten¸c~aode diferentes centros de pesquisas. -
1981 Market Mechanisms
From The Collected Works of Milton Friedman, compiled and edited by Robert Leeson and Charles G. Palm. “Market Mechanisms and Central Economic Planning”* with Milton Friedman, Sidney Hook, Rose Friedman, Roger Freeman In Market Mechanisms and Central Economic Planning. Washington, D. C.: American Enterprise Institute, 1981 © American Enterprise Institute The subject that I am going to talk about—the possibility of introducing market arrangements in centrally planned economies—is one that was very close to Warren Nutter’s interests throughout much of his life. Some of his most important work dealt with the Soviet economy and with an understanding of its performance. Command versus Market Economies We should begin by drawing a contrast between two kinds of arrangements for organizing economic activity. They are commonly designated by the terms “command economy” and “market economy.” The ideal type of command economy is one in which individuals who act do so not as principals but as agents for someone else. They are carrying out an order, doing what they are told. The ideal type of market economy is one in which individuals act as principals in pursuit of their own interests. If any individual serves as an agent for someone else, he does so on a voluntary, mutually agreed upon basis. In practice, there can be no pure command economy. Such an economy would be composed of robots who had no separate volition, no separate interests. This approach is reflected in Tennyson’s “Theirs not to reason why, Theirs but to do and die.” Even in the most extreme case of a command economy—an army battalion on the march—even, I suspect, in a case such as the charge of the Light Brigade, no human being really acts as a pure robot.