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Friedman and Keynes: divergences and convergences

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  • Gilles Dostaler

Abstract

Milton Friedman claims to have succeeded the Keynesian revolution with a counter-revolution which, incorporating certain features of Keynes's thought, triumphed at the end of the 1960s. This paper presents a general assessment of the relationship between these thinkers, in the domain of politics, methodology and economics, the emphasis being put on Friedman's reading of Keynes. In many places, Friedman stresses the convergences between his vision and Keynes's, as against the latter's Walrasian disciples. However, despite certain points of agreement at the methodological level, the two authors are radically opposed in terms of political vision and economic analysis.

Suggested Citation

  • Gilles Dostaler, 1998. "Friedman and Keynes: divergences and convergences," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 5(2), pages 317-347.
    • Handle: RePEc:taf:eujhet:v:5:y:1998:i:2:p:317-347
    DOI: 10.1080/10427719800000023
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    1. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
    2. Michel Beaud & Gilles Dostaler, 1995. "Economic Thought Since Keynes," Books, Edward Elgar Publishing, number 146, March.
    3. Hayek, F. A., 1995. "Contra Keynes and Cambridge," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320656 edited by Caldwell, Bruce, September.
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    Cited by:

    1. Daniela Antonescu, 2020. "Trends of Convergence at Regional Level in European Union (EU-28)," Book chapters-LUMEN Proceedings, in: Marcin Waldemar STANIEWSKI & Valentina VASILE & Adriana Grigorescu (ed.), International Conference Innovative Business Management & Global Entrepreneurship (IBMAGE 2020), edition 1, volume 14, chapter 35, pages 483-497, Editura Lumen.
    2. Roger E. Backhouse & Bradley W. Bateman, 2012. "The Right Kind of an Economist: Friedman’s View of Keynes," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 9, Edward Elgar Publishing.

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    Keywords

    Friedman; Keynes; macroeconomics;
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