Celebrating Friedman and Hetzel

Today Milton Friedman would have turned 102 years. Happy birthday Uncle Milty!

I have over the last couple of years done numerous posts celebrating Milton Friedman so this post will not be long. Instead I will leave the job to Robert Hetzel who I am also celebrating this year as Bob turned 70 years on July 3.

So I find it suiting that my readers should read Bob’s paper The Contributions of Milton Friedman to Economics. Here is the abstract:

Milton Friedman began his teaching career at the University of Chicago isolated intellectually. He defended the ideas that competitive markets work efficiently to allocate resources and that central banks are responsible for inflation. By the 1980s, these ideas had become commonplace. Friedman was one of the great intellectuals of the 20th century because of his major influence on how a broad public understood the Depression, the Fed’s stop-go monetary policy of the 1970s, flexible exchange rates, and the ability of market forces to advance individual welfare.

I my view Bob – with David Laidler and Edward Nelson – is one of the foremost Friedman scholars of the world. Friedman of course was Bob’s teacher and PhD thesis advisor at the University of Chicago.

This is a list of some of my earlier tributes to Milton Friedman:

Milton Friedman’s answer to a student at the “CEPOS Akademi”
There is a pragmatic (but not a libertarian) case for a “Basic Income Guarantee”
The end of Prohibition and two great monetary thinkers
http://marketmonetarist.com/2013/12/05/the-end-of-prohibition-and-two-great-monetary-thinkers/
If there is a ‘bond bubble’ – it is a result of excessive monetary TIGHTENING
Two cheers for higher Japanese bond yields (in the spirit of Milton Friedman)
This should teach you not to mess with Milton Friedman
15 years too late: Reviving Japan (the ECB should watch and learn)
“The Euro: Monetary Unity To Political Disunity?”
BYU radio interview with Christensen
Bernanke says Friedman would have approved of Fed’s recent actions – I think is he more or less right
The Hetzel-Ireland Synthesis
Woodford on NGDP targeting and Friedman
Friedman’s Japanese lessons for the ECB
Friedman, Schuler and Hanke on exchange rates – a minor and friendly disagreement
Dear Milton
You might know the words, but do you get the music?
I can hear Uncle Milty scream from upstairs – at James Bullard
“Free to Choose” now republished in Danish
Allen Sanderson on Milton Friedman
Understanding financial markets with MV=PY – a look at the bond market
Long and variable leads and lags
Christina Romer is also in love with Milton Friedman
A personal tribute to Milton Friedman
Dinner with Bob Chitester
Friedman should have supported NGDP targeting, but never did
Selgin is right – Friedman wanted to abolish the Fed
Friedman provided a theory for NGDP targeting
Friedman’s thermostat and why he obviously would support a NGDP target
Milton Friedman on exchange rate policy #1
Milton Friedman on exchange rate policy #2
Milton Friedman on exchange rate policy #3
Milton Friedman on exchange rate policy #4
Milton Friedman on exchange rate policy #5

See also my book on Milton Friedman (In Danish)

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3 Comments

  1. sassa

     /  August 16, 2014

    Milton Friedman once endorsed Hetzel’s proposal. Take a look at this video: http://youtu.be/V2FBgy45ksw?t=11m33s

    Reply

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