Milton Friedman is widely recognized as one of the most influential
economists of the twentieth century. Yet no previous study has distilled
Friedman's vast body of writings into an authoritative account of his
research, his policy views, and his interventions in public debate. With
this ambitious new work, Edward Nelson closes the gap: Milton Friedman
and Economic Debate in the United States is the defining narrative on
the famed economist, the first to grapple comprehensively with
Friedman's research output, economic framework, and legacy.
This two-volume account provides a foundational introduction to
Friedman's role in several major economic debates that took place in the
United States between 1932 and 1972. The first volume, which takes the
story through 1960, covers the period in which Friedman began and
developed his research on monetary policy. It traces Friedman's thinking
from his professional beginnings in the 1930s as a combative young
microeconomist, to his wartime years on the staff of the US Treasury,
and his emergence in the postwar period as a leading proponent of
monetary policy. The second volume covers the years between 1960 and
1972-- years that saw the publication of Friedman and Anna Schwartz's
Monetary History of the United States. The book also covers Friedman's
involvement in a number of debates in the 1960s and 1970s, on topics
such as unemployment, inflation, consumer protection, and the
environment.
As a fellow monetary economist, Nelson writes from a unique vantage
point, drawing on both his own expertise in monetary analysis and his
deep familiarity with Friedman's writings. Using extensive
documentation, the book weaves together Friedman's research
contributions and his engagement in public debate, providing an
unparalleled analysis of Friedman's views on the economic developments
of his day.
