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The rhetoric of Friedman's quantity theory manifesto

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  • Thomas Mayer

Abstract

Friedman's 1956 essay, 'The Quantity Theory of Money: A Restatement', in his Studies in the Quantity Theory of Money should be read in the context of the prevailing Keynesian consensus of the time. His primary task had to be to convince economists to reconsider this theory. This required an ecumenical presentation that would not drive off potential readers. At the same time it required making some strong claims for the quantity theory to induce readers to reconsider it. A combination of 'sweet reason' and shock tactics was needed. Friedman accomplished this rhetorical task brilliantly.

Suggested Citation

  • Thomas Mayer, 1997. "The rhetoric of Friedman's quantity theory manifesto," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(2), pages 199-220.
    • Handle: RePEc:taf:jecmet:v:4:y:1997:i:2:p:199-220
    DOI: 10.1080/13501789700000015
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    References listed on IDEAS

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    1. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6, National Bureau of Economic Research, Inc.
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    7. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1.
    8. M. Kalecki, 1940. "The Short-Term Rate And The Long-Term Rate," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 15-22.
    9. Friedman, Milton, 1972. "Comments on the Critics," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 906-950, Sept.-Oct.
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    11. David Laidler, 1991. "The Quantity Theory is Always and Everywhere Controversial—Why?," The Economic Record, The Economic Society of Australia, vol. 67(4), pages 289-306, December.
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    Cited by:

    1. Ana Maria Bianchi & Cleofas Salviano, 1999. "Raúl Prebisch and the beginnings of the Latin American school of economics: a rhetorical perspective," Journal of Economic Methodology, Taylor & Francis Journals, vol. 6(3), pages 423-438.

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