Intellectual Legacy of Milton Friedman

by J. D. Hammond

Overview

Milton Friedman is beyond question the most famous living economist of the 20th century. He is closely associated with the doctrine of 'monetarism' which has been adopted by many governments around the world.

This important two volume collection presents a major study of Milton Friedman's outstanding contribution to economics as a teacher at the University of Chicago. It shows how Friedman's distinctive ideas about money, markets and economic theory, communicated in the classroom and in thesis committees, influenced an entire generation of economists. It also reveals his influence on graduate-education practices at the University of Chicago and elsewhere.

Product Details

ISBN-13:	9781858984230
Publisher:	Edward Elgar Publishing
Publication date:	01/28/1999
Series:	Intellectual Legacies in Modern Economic
Pages:	1192
Product dimensions:	6.87(w) x 9.50(h) x (d)

About the Author

Edited by J. Daniel Hammond, Professor of Economics, Wake Forest University, US

Table of Contents

Contents:

Acknowledgements • Introduction

Volume I:
Part I: Students’ Reflections on their Teacher
1. Gerald P. Dwyer, Jr. (1999), ‘How was Milton Friedman Distinctive as a Teacher?’
2. David I. Fand (1999), ‘Friedman’s Price Theory: Economics 300 at the University of Chicago in 1947–1951’
3. Richard H. Timberlake (1999), ‘Observations on a Constant Teacher by a Graduate Student Emeritus’
4. Gary S. Becker (1991), ‘Milton Friedman 1912–’
Part II: The Legacy in Students’ Scholarship
5. G. Warren Nutter (1969), ‘Growth of Monopoly: 1899–1939’
6. E.J. Mishan (1952), ‘Toward a General Theory of Price, Income, and Money’
7. William Hamburger (1955), ‘The Relation of Consumption to Wealth and the Wage Rate’
8. Phillip Cagan (1956), ‘The Monetary Dynamics of Hyperinflation’
9. Eugene M. Lerner (1955), ‘Money, Prices, and Wages in the Confederacy, 1861–65’
10. Richard T. Selden (1956), ‘Monetary Velocity in the United States’
11. Gary S. Becker (1957), ‘The Forces Determining Discrimination in the Market Place’ and ‘Effective Discrimination’
12. John J. Klein (1960), ‘Price-Level and Money-Denomination Movements’
13. Norman V. Breckner (1958), ‘Liquidity and Farm Investment Outlays’
14. Boris P. Pesek (1958), ‘Monetary Reforms and Monetary Equilibrium’
15. George Macesich (1960), ‘Sources of Monetary Disturbances in the United States’
16. James K. Kindahl (1961), ‘Economic Factors in Specie Resumption: The United States, 1865–79’
17. Richard H. Timberlake (1993), ‘The Specie Circular and the Distribution of the Surplus’
18. John V. Deaver (1970), ‘The Chilean Inflation and the Demand for Money’
19. A. James Meigs (1962), ‘Development of the Hypotheses’
20. David Meiselman (1962), ‘An Operational Test of the Expectations Hypotheses’
Name Index

Volume II:
1. Edgar L. Feige (1964), ‘Estimation of Demand Functions for Financial Assets’
2. George R. Morrison (1966), ‘The Theory and its Implementation’
3. Sam Peltzman (1965), ‘Entry in Commercial Banking’
4. Adolfo Cesar Diz (1970), ‘Money and Prices in Argentina, 1935–1962’
5. Michael W. Keran (1970), ‘Monetary Policy and the Business Cycle in Postwar Japan’
6. Morris Perlman (1970), ‘International Differences in Liquid Assets Portfolios’
7. Miguel Sidrauski (1967), ‘Rational Choice and Patterns of Growth in a Monetary Economy’
8. William E. Gibson (1970), ‘Interest Rates and Monetary Policy’
9. Douglas K. Adie (1970), ‘English Bank Deposits before 1844’
10. Benjamin Klein (1974), ‘Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money’
11. Michael R. Darby (1972), ‘The Allocation of Transitory Income Among Consumers’ Assets’
12. Edi Karni (1972), ‘Inflation and Real Interest Rate: A Long-Term Analysis’
13. Robert D. Laurent (1974), ‘Currency in Circulation and the Real Value of Notes’
14. Michael David Bordo (1975), ‘The Income Effects of the Sources of Monetary Change: An Historical Approach’
15. Warren L. Coats, Jr. (1973), ‘Regulation D and the Vault Cash Game’
16. Richard V.L. Cooper (1974), ‘Efficient Capital Markets and the Quantity Theory of Money’
17. Leonardo Auernheimer (1974), ‘The Honest Government’s Guide to the Revenue from the Creation of Money’
18. James R. Lothian (1976), ‘The Demand for High-Powered Money’
19. Benjamin Eden (1976), ‘On the Specification of the Demand for Money: The Real Rate of Return versus the Rate of Inflation’
20. Jo Anna Gray (1978), ‘On Indexation and Contract Length’
21. Alan C. Stockman (1980), ‘A Theory of Exchange Rate Determination’
22. Gerald P. Dwyer, Jr. (1984), ‘The Gibson Paradox: A Cross-Country Analysis’
Name Index

Editorial Reviews

'Hammond's introduction is learned, balanced and insightful, and, in conjunction with the Dwyer, Fand, Timberlake and Becker contributions, it provides a broad background from which to interpret Friedman's pedagogical impact.'

A.W. Bob Coats

This two-volume collection presents a major study of Friedman's outstanding contribution to economics as a teacher at the U. of Chicago. It shows how his distinctive ideas about money, markets, and economic theory influenced an entire generation of economists. It also reveals his influence on graduate-education practices. The introduction to Volume I provides an account of the courses he taught, his role in program and curriculum development, his famous workshop in money and banking, and his supervision of doctoral theses. This is followed by 20 contributions that comprise personal accounts by Gerald P. Dwyer, Jr., David I. Fand, Richard H. Timberlake, and Gary S. Becker of their experiences as Friedman's PhD students. Volume II collects journal articles and book chapters, all but a few of which were based directly on doctoral theses by Friedmen's students, thus revealing a portion of the fruit of his teaching career. Lacks a subject index. Hammond is professor of economics, Wake Forest University. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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