Hans Kohn The Idea Of Nationalism Pdf Writer
. Milton Friedman (; July 31, 1912 – November 16, 2006) was an American who received the 1976 for his research on analysis, history and theory, and the complexity of. With and others, Friedman was among the intellectual leaders of the second generation of, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward.
Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include, and Friedman's challenges to what he later called 'naive ' theory began with his 1950s reinterpretation of the. In the 1960s, he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using 'Keynesian language and apparatus' yet rejecting its 'initial' conclusions. He theorized that there existed a, and argued that employment above this rate would cause inflation to accelerate.
He argued that the was, in the long run, vertical at the 'natural rate' and predicted what would come to be known as. Friedman promoted an alternative macroeconomic viewpoint known as ', and argued that a steady, small expansion of the was the preferred policy. His ideas concerning, and influenced government policies, especially during the 1980s. His influenced the Federal Reserve's response to the. Friedman was an advisor to U.S.
President and British Prime Minister. His political philosophy extolled the virtues of a economic system with minimal intervention. He once stated that his role in eliminating was his proudest accomplishment. In his 1962 book, Friedman advocated policies such as a, freely, abolition of, a, and.
His support for led him to found the Friedman Foundation for Educational Choice, later renamed. Include monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former states. A survey of economists ranked Friedman as the second-most popular economist of the twentieth century after, and described him as 'the most influential economist of the second half of the 20th century. Possibly of all of it'.
Hans Kohn The Idea Of Nationalism Pdf Writers
In 1944 he published his major work The Idea of Nationalism which 'can be appropriately thought of as the instigator of the now well trodden, and indeed almost taken as natural, dichotomy between Western and Eastern Nationalism. Kohn's The Idea of Nationalism sought to understand the emergence of nationalism through the story. Book Source: Digital Library of India Item 2015.190501dc.contributor.author: Hans Kohndc.date.accessioned: 2015-07-08T00:09:41Zdc.date.available. Skip to main content Search the history of over 357 billion web pages on the Internet.
In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by departure of his former professor to Princeton University). Friedman would work for the University of Chicago for the next 30 years. There he contributed to the establishment of an intellectual community that produced a number of Nobel Prize winners, known collectively as the. At that time, who was then the head of the, asked Friedman to rejoin the Bureau's staff. He accepted the invitation, and assumed responsibility for the Bureau's inquiry into the role of money in the. As a result, he initiated the 'Workshop in Money and Banking' (the 'Chicago Workshop'), which promoted a revival of monetary studies.
During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an at the Bureau, that would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, A Monetary History of the United States, 1867–1960. Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including and ) and an anti-Keynesian minority (headed by ). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to both of the Cambridge factions. Later his weekly columns for Newsweek magazine (1966–84) were well read and increasingly influential among political and business people. From 1968 to 1978, he and participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days' issues for about a half-hour at a time.
Friedman was an economic adviser to Republican presidential candidate during 1964. Capitalism and Freedom His brought him national and international attention outside academe. It was published in 1962 by the and consists of essays that used non-mathematical economic models to explore issues of public policy.
It sold over 400,000 copies in the first eighteen years and more than half a million since 1962. It has been translated into eighteen languages. Friedman talks about the need to move to a classically liberal society, that free markets would help nations and individuals in the long-run and fix the efficiency problems currently faced by the United States and other major countries of the 1950s and 1960s.
He goes through the chapters specifying a specific issue in each respective chapter from the role of government and money supply to social welfare programs to a special chapter on occupational licensure. Friedman concludes Capitalism and Freedom with his 'classical liberal' stance, that government should stay out of matters that do not need and should only involve itself when absolutely necessary for the survival of its people and the country. He recounts how the best of a country's abilities come from its free markets while its failures come from government intervention. Personal life Retirement In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco where he became a visiting scholar at the Federal Reserve Bank of San Francisco. From 1977 on, he was affiliated with the. During the same year, Friedman was approached by the Free To Choose Network and asked to create a television program presenting his economic and social philosophy.
The Friedmans worked on this project for the next three years, and during 1980, the ten-part series, titled, was broadcast by the (PBS). The companion book to the series (co-authored by Milton and his wife, ), also titled Free To Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages. Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and then served on the President's Economic Policy Advisory Board for the rest of the.
Says Friedman was 'the 'guru' of the Reagan administration.' In 1988 he received the and Reagan honored him with the. Milton Friedman is known now as one of the most influential economists of the 20th century. Throughout the 1980s and 1990s, Friedman continued to write and appear on television. He made several visits to Eastern Europe and to China, where he also advised governments. He was also for many years a Trustee of the.
Later life According to a 2007 article in magazine, his 'parents were moderately observant Jews, but Friedman, after an intense burst of childhood piety, rejected religion altogether.' He described himself as an. Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife, titled Two Lucky People. Death Friedman died of at the age of 94 years in San Francisco on November 16, 2006. He was still a working economist performing original economic research; his last column was published in the day after his death.
He was survived by his wife (who died on August 18, 2009) and their two children, known for the book, and bridge expert. Scholarly contributions. See also:, and Economics Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the. Is the set of views associated with modern quantity theory.
Its origins can be traced back to the 16th-century or even further; however, Friedman's contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, A Monetary History of the United States, 1867–1960 (1963), which was an examination of the role of the money supply and in the U.S. A striking conclusion of their research regarded the way in which money supply fluctuations contribute to economic fluctuations. Several regression studies with David Meiselman during the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output.
These challenged a prevailing, but largely untested, view on their relative importance. Friedman's empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level. Friedman was the main proponent of the school of economics. He maintained that there is a close and stable association between and the money supply, mainly that inflation could be avoided with proper regulation of the growth rate. He famously used the analogy of ', in order to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models.
Friedman's arguments were designed to counter the popular concept of, that the increased at the time was the result of increases in the price of oil, or increases in wages; as he wrote, Inflation is always and everywhere a monetary phenomenon. — Milton Friedman, 1963. Friedman rejected the use of as a tool of management; and he held that the government's role in the guidance of the economy should be restricted severely. Friedman wrote extensively on the Great Depression, which he termed the, arguing that it had been caused by an ordinary financial whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve.
The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933.
Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government. — Milton Friedman, Two Lucky People, 233 Friedman also argued for the cessation of government intervention in, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely. His close friend explained, 'As is customary in science, he did not win a full victory, in part because research was directed along different lines by the, a newer approach developed by, also at the University of Chicago.' The relationship between Friedman and Lucas, or as a whole, was highly complex. The Friedmanian was an interesting starting point for Lucas, but he soon realized that the solution provided by Friedman was not quite satisfactory. Lucas elaborated a new approach in which were presumed instead of the Friedmanian. Due to this reformulation, the story in which the theory of the new classical Phillips curve was embedded radically changed.
This modification, however, had a significant effect on Friedman’s own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed. Moreover, new classical, who was a graduate student at the between 1960 and 1963, regarded Friedman’s theoretical courses as a mess. This evaluation clearly indicates the broken relationship between Friedmanian and new classical macroeconomics. Friedman was also known for his work on the consumption function, the (1957), which Friedman himself referred to as his best scientific work.
This work contended that rational consumers would spend a proportional amount of what they perceived to be their permanent income. Windfall gains would mostly be saved. Tax reductions likewise, as rational consumers would predict that taxes would have to increase later to balance public finances. Other important contributions include his critique of the and the concept of the (1968).
This critique associated his name, together with that of, with the insight that a government that brings about greater inflation cannot permanently reduce unemployment by doing so. Unemployment may be temporarily lower, if the inflation is a surprise, but in the long run unemployment will be determined by the frictions and imperfections of the labor market. Friedman's essay ' (1953) provided the pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism but by its simplicity and fruitfulness as an engine of prediction. That is, students should measure the accuracy of its predictions, rather than the 'soundness of its assumptions'.
His argument was part of an ongoing debate among such statisticians as, and. Statistics One of his most famous contributions to statistics is.
Friedman did statistical work at the Division of War Research at Columbia, where he and his colleagues came up with the technique. It later became, in the words of, 'the standard analysis of quality control inspection'. The dictionary adds, 'Like many of Friedman’s contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that however is a measure of his genius.' Public policy positions Part of on. Federal Reserve Due to its poor performance, Friedman believed that the Federal Reserve Board should be abolished.
Friedman was deeply critical about Federal Reserve policies, even during the so-called ' that was labelled 'monetarist.' He further believed that if the money supply was to be centrally controlled (as by the Federal Reserve System) that the preferable way to do it would be with a mechanical system that would keep the quantity of money increasing at a steady rate. Exchange rates Friedman was a strong advocate for floating exchange rates throughout the entire period. He argued that a flexible exchange rate would make external adjustment possible and allow countries to avoid crises. He saw fixed exchange rates as an undesirable form of government intervention.
The case was articulated in an influential 1953 paper, 'The Case for Flexible Exchange Rates', at a time, when most commentators regarded the possibility of floating exchange rates as a fantasy. School choice In his 1955 article 'The Role of Government in Education' Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of. Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992.
In 1996, Friedman, together with his wife, founded the Friedman Foundation for Educational Choice to advocate and vouchers. In 2016, the Friedman Foundation changed its name to to honor the Friedmans' desire to have the educational choice movement live on without their names attached to it after their deaths.
Conscription While is credited with establishing the economic basis for a, Milton Friedman was a proponent, stating that the was 'inconsistent with a free society.' In, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit. During the Nixon administration he headed the committee to research a conversion to paid/volunteer armed force. He would later state that his role in eliminating the was his proudest accomplishment. Friedman did, however, believe a nation could compel military training as a reserve in case of war time. Foreign policy Biographer noted a drift over time in Friedman's views from an interventionist to a more cautious foreign policy.
He supported US involvement in the Second World War and initially supported a hard line against Communism, but moderated over time. However Friedman did state in a 1995 interview that he is an anti-interventionist. He opposed the and the. In a spring 2006 interview, Friedman said that the USA's stature in the world had been eroded by the Iraq War, but that it might be improved if Iraq were to become a peaceful and independent country. Libertarianism and the Republican Party Friedman was a supporter of the candidacy of against following Kennedy in 1964. Later, he served as a member of President Reagan's starting at 1981. In 1988, he received the and the.
He said that he was a libertarian philosophically, but a member of the U.S. For the sake of 'expediency' ('I am a libertarian with a small 'l' and a Republican with a capital 'R.'
And I am a Republican with a capital 'R' on grounds of expediency, not on principle.' ) But, he said, 'I think the term is also equally applicable. I don't really care very much what I'm called. I'm much more interested in having people thinking about the ideas, rather than the person.'
Public goods and monopoly Friedman was supportive of the state provision of some that private businesses are not considered as being able to provide. However, he argued that many of the services performed by government could be performed better by the private sector. Above all, if some public goods are provided by the state, he believed that they should not be a where private competition is prohibited; for example, he wrote: There is no way to justify our present public monopoly of the post office. It may be argued that the carrying of mail is a and that a government monopoly is the least of evils. Along these lines, one could perhaps justify a government post office, but not the present law, which makes it illegal for anybody else to carry the mail. If the delivery of mail is a technical monopoly, no one else will be able to succeed in competition with the government. If it is not, there is no reason why the government should be engaged in it.
The only way to find out is to leave other people free to enter. — Milton Friedman, Friedman, Milton & Rose D., University of Chicago Press, 1982, p.
29 Social security, welfare programs, and negative income tax In 1962, Friedman criticized in his book arguing that it had created. However, in the penultimate chapter of the same book, Friedman argued that while, 'poverty is in part a relative matter, and even in wealthy Western countries, there are clearly many people living under conditions that the rest of us label as poverty.' Friedman noted that while private charity could be one recourse for alleviating poverty (and cited late 19th century Britain and the United States as exemplary periods of extensive private charity and eleemosynary activity), Friedman also noted that: It can be argued that private charity is insufficient because the benefits from it accrue to people other than those who make the gifts—. I am distressed by the sight of poverty; I am benefited by its alleviation; but I am benefited equally whether I or someone else pays for its alleviation; the benefits of other people's charity therefore partly accrue to me. To put it differently, In small communities, public pressure can suffice to realize the proviso even with private charity.
In the large impersonal communities that are increasingly coming to dominate our society, it is much more difficult for it to do so. Suppose one accepts, as I do, this line of reasoning as justifying; to set, as it were,.
While there are questions of how much should be spent and how, the arrangement that recommends itself on purely mechanical grounds is a. The advantages of this arrangement are clear. It is directed specifically at the problem of poverty. It gives help in the form most useful to the individual, namely, cash. It is general and could be substituted for the host of special measures now in effect.
It makes explicit the cost borne by society. It operates outside the market. Like any other measures to alleviate poverty, it reduces the incentives of those helped to help themselves, but it does not eliminate that incentive entirely, as a system of supplementing incomes up to some fixed minimum would. An extra dollar earned always means more money available for expenditure. Friedman argued further that other advantages of the negative income tax were that it could fit directly into the tax system, would be less costly, and would reduce the administrative burden of implementing a. Friedman reiterated these arguments 18 years later in, with the additional proviso that such a reform would only be satisfactory if it replaced the current system of welfare programs rather than augment it. According to economist, writing in, Friedman's views in this regard were grounded in a belief that while 'market forces.
Accomplish wonderful things', they 'cannot ensure a distribution of income that enables all citizens to meet basic economic needs'. Drug policy Friedman also supported policies such as legalization of and prostitution.
During 2005, Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the. Gay rights Friedman was also a supporter of. He never specifically supported, instead saying 'I do not believe there should be any discrimination against gays.' Economic freedom of the and Friedman hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of and a method for measuring it.
Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World. This annual report has since provided data for numerous peer-reviewed studies and has influenced policy in several nations. Along with sixteen other distinguished economists he opposed the and filed an in. He supported the inclusion of the word ' in the brief. Friedman argued for stronger basic legal (constitutional) protection of economic rights and freedoms to further promote industrial-commercial growth and prosperity and buttress democracy and freedom and the rule of law generally in society. Honors, recognition, and influence.
Friedman in 1976, a leading historian of American conservatism, says that by, 'the end of the 1960s he was probably the most highly regarded and influential conservative scholar in the country, and one of the few with an international reputation.' Friedman allowed the libertarian to use his name for its biannual Milton Friedman Prize for Advancing Liberty beginning in 2001.
A Friedman Prize was given to the late British economist in 2002, Peruvian economist in 2004, former Estonian Prime Minister in 2006 and a young Venezuelan student in 2008. His wife Rose, sister of, with whom he initiated the, served on the international selection committee.
Friedman was also a recipient of the. Upon Friedman's death, Harvard President called him 'The Great Liberator' saying '. any honest Democrat will admit that we are now all Friedmanites.' He said Friedman's great popular contribution was 'in convincing people of the importance of allowing free markets to operate.' In 2013 Stephen Moore, a member of the editorial forward of the Wall Street Journal said, 'Quoting the most-revered champion of free-market economics since Adam Smith has become a little like quoting the Bible.' He adds, 'There are sometimes multiple and conflicting interpretations.'
Nobel Memorial Prize in Economic Sciences Friedman won the, the sole recipient for 1976, 'for his achievements in the fields of consumption analysis, history and theory and for his demonstration of the complexity of stabilization policy.' Hong Kong Friedman once said, 'If you want to see capitalism in action, go to Hong Kong.' He wrote in 1990 that the was perhaps the best example of a free market economy. One month before his death, he wrote the article 'Hong Kong Wrong – What would say?' In the, criticizing, the Chief Executive of Hong Kong, for abandoning 'positive noninterventionism.'
Tsang later said he was merely changing the slogan to 'big market, small government,' where small government is defined as less than 20% of GDP. In a debate between Tsang and his rival, before the, Leong introduced the topic and jokingly accused Tsang of angering Friedman to death. Main articles: and During 1975, two years after the that brought President to power and ended the government of, the economy of experienced a severe crisis. Friedman and accepted an invitation of a private Chilean foundation to visit Chile and speak on principles of.
He spent seven days in Chile giving a series of lectures at the and the (National). One of the lectures was entitled 'The Fragility of Freedom' and according to Friedman, 'dealt with precisely the threat to freedom from a centralized military government.' In an April 21, 1975, letter to Pinochet, Friedman considered the 'key economic problems of Chile are clearly. Inflation and the promotion of a healthy '. He stated that 'There is only one way to end inflation: by drastically reducing the rate of increase of the quantity of money.' And that '. cutting government spending is by far and away the most desirable way to reduce the fiscal deficit, because it.
Strengthens the private sector thereby laying the foundations for healthy economic growth'. As to how rapidly inflation should be ended, Friedman felt that 'for Chile where inflation is raging at 10–20% a month. Gradualism is not feasible. It would involve so painful an operation over so long a period that the patient would not survive.' Choosing 'a brief period of higher unemployment.' Was the lesser evil. And that 'the experience of Germany,.
Of Brazil., of the post-war adjustment in the U.S. All argue for shock treatment'. In the letter Friedman recommended to deliver the shock approach with '. a package to eliminate the surprise and to relieve acute distress' and '. for definiteness let me sketch the contents of a package proposal.
To be taken as illustrative' although his knowledge of Chile was 'too limited to enable him to be precise or comprehensive'. He listed a 'sample proposal' of 8 and measures including 'the removal of as many as obstacles as possible that now hinder the private market. For example, suspend. The present law against discharging employees'. He closed, stating 'Such a shock program could end inflation in months'. His letter suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes.
Sergio de Castro, a Chilean Chicago School graduate, became the nation's Minister of Finance in 1975. During his six-year tenure, foreign investment increased, restrictions were placed on striking and labor unions, and GDP rose yearly. A foreign exchange program was created between the Catholic University of Chile and the University of Chicago.
Many other Chicago School alumni were appointed government posts during and after the Pinochet years; others taught its economic doctrine at Chilean universities. They became known as the Chicago Boys.
Friedman did not criticize Pinochet's dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well known by then. In 1976 Friedman defended his unofficial adviser position with: 'I do not consider it as evil for an economist to render technical economic advice to the Chilean Government, any more than I would regard it as evil for a physician to give technical medical advice to the Chilean Government to help end a medical plague.' Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market policies not only improved the economic situation of Chile but also contributed to the amelioration of and to the eventual during 1990. That idea is included in, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for. In his 1980 documentary, he said the following: 'Chile is not a politically free system, and I do not condone the system. But the people there are freer than the people in Communist societies because government plays a smaller role. The conditions of the people in the past few years has been getting better and not worse.
They would be still better to get rid of the junta and to be able to have a free democratic system.' In 1984, Friedman stated that he has 'never refrained from criticizing the political system in Chile.' In 1991 he said: 'I have nothing good to say about the political regime that Pinochet imposed. It was a terrible political regime.
The real miracle of Chile is not how well it has done economically; the real miracle of Chile is that a military junta was willing to go against its principles and support a free market regime designed by principled believers in a free market. In Chile, the drive for political freedom, that was generated by economic freedom and the resulting economic success, ultimately resulted in a referendum that introduced political democracy.
Now, at long last, Chile has all three things: political freedom, human freedom and economic freedom. Chile will continue to be an interesting experiment to watch to see whether it can keep all three or whether, now that it has political freedom, that political freedom will tend to be used to destroy or reduce economic freedom.' He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states. During the 2000 PBS documentary The Commanding Heights (based on ), Friedman continued to argue that 'free markets would undermine Pinochet's political centralization and political control.' , and that criticism over his role in Chile missed his main contention that freer markets resulted in freer people, and that Chile's unfree economy had caused the military government.
Friedman advocated for free markets which undermined 'political centralization and political control'. Iceland Friedman visited during the autumn of 1984, met with important Icelanders and gave a lecture at the University of Iceland on the 'tyranny of the status quo.' He participated in on August 31, 1984 with socialist intellectuals, including, who later became the president of Iceland. When they complained that a fee was charged for attending his lecture at the University and that, hitherto, lectures by visiting scholars had been free-of-charge, Friedman replied that previous lectures had not been free-of-charge in a meaningful sense: lectures always have related costs.
What mattered was whether attendees or non-attendees covered those costs. Friedman thought that it was fairer that only those who attended paid. In this discussion Friedman also stated that he did not receive any money for delivering that lecture.
Estonia Although Friedman never visited, his book exercised a great influence on that nation's then 32-year-old prime minister, who has claimed that it was the only book on economics he had read before taking office. Laar's reforms are often credited with responsibility for transforming Estonia from an impoverished Soviet Republic to the '.' A prime element of Laar's program was introduction of the. Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the. United Kingdom After 1950 Friedman was frequently invited to lecture in Britain, and by the 1970s his ideas had gained widespread attention in conservative circles. For example, he was a regular speaker at the (IEA), a libertarian think tank. Politician closely followed IEA programs and ideas, and met Friedman there in 1978.
He also strongly influenced, who became Thatcher's senior advisor on economic affairs, as well as Alan Walters and Patrick Minford, two other key advisers. Major newspapers, including the Daily Telegraph, The Times, and The Financial Times all promulgated Friedman's monetarist ideas to British decision-makers. Friedman's ideas strongly influenced Thatcher and her allies when she became Prime Minister in 1979. Criticism Econometrician criticized part of Friedman's and Anna Schwartz's 1982 Monetary Trends. When asked about it during an interview with Icelandic TV in 1984, Friedman said that the criticism referred to a different problem from that which he and Schwartz had tackled, and hence was irrelevant, and pointed out the lack of consequential peer review amongst econometricians on Hendry's work. In 2006, Hendry said that Friedman was guilty of 'serious errors' of misunderstanding that meant 'the t-ratios he reported for UK money demand were overstated by nearly 100 per cent', and said that, in a paper published in 1991 with Neil Ericsson, he had refuted 'almost every empirical claim made about UK money demand' by Friedman and Schwartz. A 2004 paper updated and confirmed the validity of the Hendry–Ericsson findings through 2000.
Although praised Friedman as a 'great economist and a great man' after Friedman's death in 2006, and acknowledged his many, widely accepted contributions to empirical economics, Krugman had been, and remains, a prominent critic of Friedman. Krugman has written that 'he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose.'
In her book, author and social activist criticized Friedman's economic liberalism, identifying it with the principles that guided the economic restructuring that followed the military coups in countries such as Chile and Argentina. Based on their assessments of the extent to which what she describes as policies contributed to income disparities and inequality, both Klein and have suggested that the primary role of what they describe as neoliberalism was as an ideological cover for capital accumulation. Visit to Chile Because of his involvement with the Pinochet government, there were international protests when Friedman was awarded the Nobel Prize in 1976. Friedman was accused of supporting the military dictatorship in Chile because of the relation of economists of the University of Chicago to Pinochet, and a controversial seven-day trip he took to Chile during March 1975 (less than two years after the coup that deposed President ). Friedman answered that he never was an adviser to the dictatorship, but only gave some lectures and seminars on inflation, and met with officials, including, while in Chile. Chilean economist asserted that Pinochet's dictatorship resorted to oppression because of popular opposition to Chicago School policies in Chile.
After a 1991 speech on drug legalisation, Friedman answered a question on his involvement with the Pinochet regime, saying that he was never an advisor to Pinochet (also mentioned in his 1984 Iceland interview ), but that at the were involved in Chile's economic reforms. Friedman credited these reforms with high levels of economic growth and with the establishment of democracy that has subsequently occurred in Chile. In October 1988, after returning from a lecture tour of China during which he had met with, Friedman wrote to asking if he should anticipate a similar 'avalanche of protests for having been willing to give advice to so evil a government? And if not, why not?' Selected bibliography. Main article:. A Theory of the Consumption Function (1957).
A Program for Monetary Stability (Fordham University Press, 1960) 110 pp. (1962), highly influential series of essays that established Friedman's position on major issues of public policy., with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction.
'The Role of Monetary Policy.' American Economic Review, Vol. 1968), pp. 1–17 presidential address to American Economics Association.
'Inflation and Unemployment: Nobel Lecture', 1977,. 85, pp. 451–72., with Rose Friedman, (1980), highly influential restatement of policy views. The Essence of Friedman, essays edited by Kurt R. Leube, (1987) ( ).
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Two Lucky People: Memoirs (with Rose Friedman) (1998). Milton Friedman on Economics: Selected Papers by Milton Friedman, edited by Gary S. Becker (2008) See also. Find more about Milton Friedmanat Wikipedia's.
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