First published 1975
Milton Friedman stands at the center of a heated academic debate over how money affects income in modern economies. His two influential articles on monetary theory have drawn sharp criticism from prominent economists including Karl Brunner, Allan Meltzer, James Tobin, Paul Davidson, and Don Patinkin. Each scholar attacks different aspects of Friedman's quantity theory framework, questioning his interpretation of economic history and challenging his theoretical contributions. The economists focus on substantive disagreements about monetary policy and economic relationships. Friedman must respond to their critiques while defending and expanding his original ideas. Robert J. Gordon assembles this intellectual battle, bringing together Friedman's foundational work, the critical responses from his peers, and Friedman's detailed rebuttal. The exchange reveals fundamental disagreements about how monetary systems operate and influence economic outcomes. Friedman uses his response to clarify misunderstandings, strengthen his arguments, and introduce new supporting material for his theoretical framework.
Genres: history, economics, non-fiction, academic
Vibes: thought-provoking
Tropes: intellectual-discourse
Period: 20th-century
199 pages · Paperback · University of Chicago Press