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Milton Friedman and the road to monetarism: a review essay

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  • George S. Tavlas

    (Bank of Greece)

Abstract

The objective of Ed Nelson’s two-volume book, Milton Friedman and Economic Debate in the United States, 1932-1972, is to provide an account of Friedman’s views in major monetary-policy debates during the period identified in the book’s title. Nelson tells the story of the development of Friedman’s monetary framework, from its Keynesian origins in the early-1940s, to its gradual absorption of monetary factors in the late-1940s, and, finally, to its monetarist character of the 1950s and after, through the windows of a selection debates that engaged Friedman. At the same time, Nelson places Friedman’s monetary contributions within the context of the modern macroeconomics literature. In this essay, I consider doctrinal issues related to Nelson’s account of the development of Friedman’s monetarist framework.

Suggested Citation

  • George S. Tavlas, 2022. "Milton Friedman and the road to monetarism: a review essay," Working Papers 307, Bank of Greece.
    • Handle: RePEc:bog:wpaper:307
    DOI: 10.52903/wp2022307
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    References listed on IDEAS

    as
    1. Clark Warburton, 1952. "Monetary Difficulties And The Structure Of The Monetary System," Journal of Finance, American Finance Association, vol. 7(4), pages 523-545, December.
    2. George S. Tavlas, 2015. "In Old Chicago: Simons, Friedman, and the Development of Monetary‐Policy Rules," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(1), pages 99-121, February.
    3. Milton Friedman & Simon Kuznets, 1945. "Income from Independent Professional Practice," NBER Books, National Bureau of Economic Research, Inc, number frie54-1.
    4. David Laidler, 2012. "Milton Friedman's Contributions to Macroeconomics and Their Influence," University of Western Ontario, Economic Policy Research Institute Working Papers 20122, University of Western Ontario, Economic Policy Research Institute.
    5. 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.
    6. David Laidler, 2015. "Three revolutions in macroeconomics: their nature and influence," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(1), pages 1-25, February.
    7. repec:ucp:bkecon:9780226264141 is not listed on IDEAS
    8. 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.
    9. Clark Warburton, 1953. "Rules And Implements For Monetary Policy," Journal of Finance, American Finance Association, vol. 8(1), pages 1-21, March.
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    Cited by:

    1. Nikolaos Vettas & Alexandros Louka & Konstantinos Peppas & Yakinthi Pountouraki & Michael Vasileiadis, 2022. "Trends in total factor productivity in Greece and its determinants during the period 2005-2019," Economic Bulletin, Bank of Greece, issue 56, pages 7-43, December.
    2. Christos Antonopoulos & Sofia Anyfantaki & Theodora Kosma & Evangelia Papapetrou & Filippos Petroulakis & Pavlos Petroulas & Pinelopi Zioutou, 2022. "The Greek Labour market before and after the pandemic: slack tightness and skills mismatch," Economic Bulletin, Bank of Greece, issue 56, pages 45-74, December.
    3. Ioanna C. Bardakas, 2022. "Energy consumption by energy type and exports of goods in Greece: a comparative analysis in relation to the euro area," Economic Bulletin, Bank of Greece, issue 56, pages 75-92, December.

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    More about this item

    Keywords

    Milton Friedman; monetarism; Keynesian economics; New Keynesian model;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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