The monetarists : the making of the Chicago monetary tradition, 1927-1960

"An essential origin story of modern society's most influential economic doctrine. The Chicago School of economic thought has been widely generalized-and caricaturized-in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born of decades of research and debate. The Monetarists is a deeply researched history of the monetary policies-and personalities-that codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation. As economist George Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a theory tradition brought forth by a crucible of minds and debates along the Midway. Through unprecedented mining of archival material, The Monetarists offers the first complete history of one of the twentieth century's most formative intellectual periods and places. It promises to elevate our understanding of this doctrine and its origins for generations to come."