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“The Initiated”: Aaron Director and the Chicago Monetary Tradition

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  • Tavlas, George S.

Abstract

Aaron Director taught at the University of Chicago from 1930 to 1934 and from 1946 to 1967. Both periods corresponded to crucial stages in the development of Chicago monetary economics under the leaderships of Henry Simons and Milton Friedman, respectively. Any impact that Director may have played in the development of those stages and to the relationship between the views of Simons and Friedman has been frustrated by Director’s lack of publications. I provide evidence, much of it for the first time, showing the important role played by Director in the development of Chicago monetary economics, including his role as a transmitor of Simons’s ideas to Friedman.

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  • Tavlas, George S., 2020. "“The Initiated”: Aaron Director and the Chicago Monetary Tradition," OSF Preprints xw67b_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:xw67b_v1
    DOI: 10.31219/osf.io/xw67b_v1
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    References listed on IDEAS

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    1. 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.
    2. Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
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    5. Henry C. Simons, 1936. "Rules versus Authorities in Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 44(1), pages 1-1.
    6. 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.
    7. Patinkin, Don, 1969. "The Chicago Tradition, the Quantity Theory, and Friedman," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 46-70, February.
    8. Stigler, Stephen M, 2005. "Aaron Director Remembered," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 307-311, October.
    9. Nelson, Edward, 2020. "Milton Friedman and Economic Debate in the United States, 1932–1972, Volume 2," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226684895.
    10. Johnson, Harry G, 1971. "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review, American Economic Association, vol. 61(2), pages 1-14, May.
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