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Theory and Measurement

Theory and Measurement

Theory and Measurement

Causality Issues in Milton Friedman's Monetary Economics
J. Daniel Hammond, Wake Forest University, North Carolina
March 1996
Available
Hardback
9780521552059

    Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis--their National Bureau business cycle methods and Friedman's Marshallian methodology. Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments.

    • Newest book-length treatment of work of Milton Friedman, Nobel prizewinner and perhaps best-known American economist of all time
    • Draws on interviews with Friedman and much unpublished source material from Friedman's archives
    • A clearly written treatment balancing theoretical and methodological issues in Friedman's thought

    Reviews & endorsements

    "This book provides carefully researched and eloquently argued recapitulation of leading controversies in economic theory over the past half century." Robert W. Clower, Journal of Economic Literature

    See more reviews

    Product details

    March 1996
    Hardback
    9780521552059
    250 pages
    229 × 152 × 17 mm
    0.54kg
    1 b/w illus. 2 tables
    Available

    Table of Contents

    • Introduction
    • 1. Theory and measurement at the National Bureau
    • 2. Origins of Friedman's Marshallian methodology
    • 3. Origins of the monetary project
    • 4. Critiques from within the National Bureau
    • 5. Post Hoc Ergo Propter Hoc, part I
    • 6. Reactions to the Monetary History
    • 7. Post Hoc Ergo Propter Hoc, part II
    • 8. Friedman and his critics on the theoretical framework
    • 9. The Great Depression
    • 10. Measurement without measurement: Hendry and Ericsson's critique
    • Conclusion
    • Bibliography.
      Author
    • J. Daniel Hammond , Wake Forest University, North Carolina