The Essence of Friedman Pub Date: July 20, 1987 Product Format:
Paper Availability: In stock. This collection of essays presents
a sampling of the significant contributions to twentieth-century
economic thought and practice by Nobel Prize-winner Milton
Friedman. Friedman is widely regarded as the leader of the
Chicago school of economics, which stresses the importance of
the quantity of money as an instrument of governmental policy
and as a major determinant of business cycles and inflation.
Making an early impact on the economics profession was his
analysis of economics as an empirical science, and in
particular, his conclusion that the only relevant test of the
acceptability of economic hypotheses is the conformity of the
predictions they generate with observation. His permanent income
theory of consumption, his restatement of the quantity theory of
money, and his hypothesis of natural rate of unemployment have
by now become part of received economic doctrine. Outside the
economic profession, Friedman is be