100 Years since the Birth of Milton Friedman

Issue: 2012/3

Marek Loužek

doc. PhDr. Ing. Marek Loužek, Ph.D., Faculty of Economics, University of Economics, nám. W. Churchilla 4, 130 00 Prague 3

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.

DOI: 10.2478/v10135-012-0008-4
JEL: N10, E40, B31, B212, 011
Keywords: theory of consumption function, quantitative theory of money, monetarism, Milton Friedman, Chicago School of Economics


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