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The Nature and Origins of Friedman’s Influence

In: Ideology and the International Economy

Author

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  • Robert Leeson

    (Murdoch University)

Abstract

Since the death of Keynes, no economist has exerted a comparable influence to that of Friedman. He influenced economists’ methodology before he influenced their policy prescriptions: positive economics was the antidote to the use of ‘arbitrary’ principles such as Occam’s razor which sought to discriminate between ‘formal models of imaginary worlds’ (Friedman 1953, 283). As a policy analyst, Friedman displayed ‘inventiveness’ (Stigler 1998, 155). His advocacy of flexible exchange rates is a classic illustration of the process by which academic ideas become fertile.

Suggested Citation

  • Robert Leeson, 2003. "The Nature and Origins of Friedman’s Influence," Palgrave Macmillan Books, in: Ideology and the International Economy, chapter 14, pages 91-102, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28602-3_14
    DOI: 10.1057/9780230286023_14
    as

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