Theory and Measurement
Causality Issues in Milton Friedman's Monetary Economics
By (author) J. Daniel Hammond
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Theory and Measurement by J. Daniel Hammond
Book DescriptionFocusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this 1996 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. With the post-war dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be 'measurement without theory'. Drawing extensively upon unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of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. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists.
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Book DetailsISBN: 9780521022644
(228mm x 152mm x 15mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 10-Nov-2005
Country of Publication: United Kingdom
Books By Author J. Daniel Hammond
Milton Friedman, Hardback (June 2016)
This book brings together experts on Milton Friedman's life and thought. They draw on their experiences to present original insights into Friedman's method of working, his ability to communicate ideas to the general public, his influence on other economists, and the continuing role that his ideas have had during the present economic crisis.
Making Chicago Price Theory, Hardback (February 2005)
Milton Friedman's and George J Stigler's Chicago School laid the groundwork for much of the neoclassical tradition in economic analysis. This book brings together a collection of letters from these two Noble laureates from the post-war years, containing information about their personal and professional relationships.
Theory and Measurement, Hardback (March 1996)» View all books by J. Daniel Hammond
This 1996 work examines the history of debates between Friedman and his critics over money's causal role in business cycles from 1948 to 1991.
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