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The intellectual origins of the monetarist counter-revolution reconsidered: how Clark Warburton influenced Milton Friedman’s monetary thinking

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  • George S Tavlas

Abstract

Clark Warburton’s contributions during the 1940s and early 1950s are widely considered to have anticipated the key tenets of the monetarist counterrevolution of the 1960s and the 1970s. Hitherto, however, Warburton has not been considered as someone whose views may have directly shaped the development of Milton Friedman’s monetarist views. While it is not possible to establish a direct causal line between Warburton’s views and Friedman’s monetarism, including its emphasis on the efficacy and primacy of open-market operations, the preferability of a monetary-growth rule to attain price-level stability, the need of a clear separation of a government’s fiscal operations from the monetary-policy operations of the central bank, and the destructive role played by the Fed in the Great Depression, this paper shows that the connection between Warburton’s contributions and Friedman’s monetarism is considerably tighter than previously thought.

Suggested Citation

  • George S Tavlas, 2019. "The intellectual origins of the monetarist counter-revolution reconsidered: how Clark Warburton influenced Milton Friedman’s monetary thinking," Oxford Economic Papers, Oxford University Press, vol. 71(3), pages 645-665.
    • Handle: RePEc:oup:oxecpp:v:71:y:2019:i:3:p:645-665.
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    File URL: http://hdl.handle.net/10.1093/oep/gpy037
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    Citations

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    Cited by:

    1. Tavlas, George S., 2024. "The Long And Unfinished Road To Friedman And Meiselman’S “The Relative Stability Of Monetary Velocity And The Investment Multiplier”," Journal of the History of Economic Thought, Cambridge University Press, vol. 46(2), pages 201-224, June.
    2. Edwards, Sebastián, 2024. "One Hundred Years Of Exchange Rate Economics At The University Of Chicago: 1892-1992," SocArXiv vrtns, Center for Open Science.
    3. Tavlas, George S., 2021. "A Reconsideration Of The Doctrinal Foundations Of Monetary Policy Rules: Fisher Versus Chicago," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(1), pages 55-82, March.
    4. George S. Tavlas, 2022. "Milton Friedman and the road to monetarism: a review essay," Working Papers 307, Bank of Greece.
    5. Hetzel, Robert L. & Humphrey, Thomas M. & Tavlas, George S., 2024. "Carl Snyder, the Real Bills Doctrine, and the New York Fed in the Great Depression," SocArXiv 5xqt9, Center for Open Science.
    6. Tavlas, George S., 2022. "“The Initiated”: Aaron Director And The Chicago Monetary Tradition," Journal of the History of Economic Thought, Cambridge University Press, vol. 44(1), pages 1-23, March.
    7. Sylvie Rivot, 2020. "Information and Expectations in Policy-Making: Friedman's Changing Approaches to Macroeconomic Dynamics," GREDEG Working Papers 2020-39, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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