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A Note on Friedman and the Neo-Bayesian Approach

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  • Pelloni, Gianluigi

Abstract

The literature dealing with Milton Friedman's methodological framework tends to overlook his adhere nce to the neo-Bayesian interpretation of probability theory. In this note, it is shown that Friedman's probabilistic framework has deep i mplications for his notion of rationality and treatment of expectatio ns, and that disregarding this feature of his analytical toolkit lead s to arguments which are factually wrong and misleading. R. E. Lucas' s and Friedman's methodological approaches are then contrasted in ter ms of their probabilistic underpinnings. Copyright 1987 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Pelloni, Gianluigi, 1987. "A Note on Friedman and the Neo-Bayesian Approach," The Manchester School of Economic & Social Studies, University of Manchester, vol. 55(4), pages 407-418, December.
    • Handle: RePEc:bla:manch2:v:55:y:1987:i:4:p:407-18
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    Cited by:

    1. Pelloni, Gianluigi, 1996. "De Finetti, Friedman, and the methodology of positive economics," Journal of Econometrics, Elsevier, vol. 75(1), pages 33-50, November.
    2. James R. Lothian & George S. Tavlas, 2018. "How Friedman and Schwartz Became Monetarists," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(4), pages 757-787, June.
    3. Lothian, James R., 2009. "Milton Friedman's monetary economics and the quantity-theory tradition," Journal of International Money and Finance, Elsevier, vol. 28(7), pages 1086-1096, November.

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