The Contributions of Milton Friedman to Economics

30 Pages Posted: 9 Dec 2012

See all articles by Robert L. Hetzel

Robert L. Hetzel

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 2007

Abstract

Milton Friedman began his teaching career at the University of Chicago isolated intellectually. He defended the ideas that competitive markets work efficiently to allocate resources and that central banks are responsible for inflation. By the 1980s, these ideas had become commonplace. Friedman was one of the great intellectuals of the 20th century because of his major influence on how a broad public understood the Depression, the Fed's stop-go monetary policy of the 1970s, flexible exchange rates, and the ability of market forces to advance individual welfare.

Suggested Citation

Hetzel, Robert L., The Contributions of Milton Friedman to Economics (2007). FRB Richmond Economic Quarterly, vol. 93, no. 1, Winter 2007, pp. 1-30. Available at SSRN: https://ssrn.com/abstract=2186647

Robert L. Hetzel (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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