Why did Milton Friedman win the Nobel Prize?
14 Pages Posted: 25 Jan 2019
Date Written: January 18, 2019
The citation for Milton Friedman’s Nobel Prize of 1976 points to three contributions. In two cases, the principal works the Committee must have had in mind are easy to identify. The question of what was intended by the third – ‘his demonstration of the complexity of stabilization policy’ – is considered. It is argued that, contrary to what might be suspected, this does not refer to any work on the Phillips curve; but the work to which it does refer is identified. The reasons that particular work is less well-remembered than the other work mentioned in the citation are considered.
Keywords: Milton Friedman, Nobel Prize, Stabilisation Policy, Phillips Curve
JEL Classification: B31, B28, E58
Suggested Citation: Suggested Citation