The paper is concerned with the economic theory of Milton Friedman. First part outlines the life of Milton Friedman. Second part examines his economic theory – “Essays in Positive Economics” (1953), “Studies in the Quantity Theory of Money“ (1956), „A Theory of the Consumption...

Blending past and present, this brief history of economics is the perfect book for introducing students to the field. A Brief History of Economics illustrates how the ideas of the great economists not only influenced societies but were themselves shaped by their cultural milieu. Understanding...

The chapter on Money in the Grundrisse shows clearly that the presentation of the nature, properties and functions of money is opposed to the monetary theory of Utopian socialism. Marx emphasizes easily that the exchange value spontaneously objectifies itself in a money distinct from the...

Die Frage nach der Kausalität fällt in die Methodologie. Methodologie ist in den Wirtschaftswissenschaften ein Bereich, der sowohl bei Ökonomen als auch bei Philosophen kaum Beachtung findet. Ökonomik hat sich ursprünglich als eine kausal erklärende Wissenschaft verstanden. Sie wollte für...

It has been widely accepted that philosophers of science wrote a “swansong” for positivism during the second half of the 20th century. Milton Friedman and Paul Samuelson, major contributors in the fi eld of economic methodology at the time, the argument goes, never refl ected the demise....

Monetary policy has become difficult to characterize or follow since 2007. A debate as to whether interest rate targets or monetary aggregate targets are better indicators of policy and prospective outcomes has given way to a new credit policy built on inflating the Federal Reserve (Fed) balance...

Monetary policy became more difficult to characterize during and after the mortgage foreclose and financial crises because of a shift to a new credit policy focused on private sector credit and that relies on traditional commercial banking strategies. The new credit policy broke the tight link...

Monetary policy became more difficult to characterize during and after the mortgage foreclose and financial crises because of a shift to a new credit policy focused on private sector credit and that relies on traditional commercial banking strategies. The new credit policy broke the tight link...

In this paper I employ Imre Lakatos's methodology of scientific research programs to scrutinize the idea that stagflation in the 1970s falsified the Keynesian research program. I point out that Keynesian models were able to account for stagflation once they included inflation expectations, so...

This paper uses the occasion of the 25th anniversary of Basil Moore's book, Horizontalists and Verticalists, to reassess the theory of endogenous money. The paper distinguishes between horizontalists, verticalists, and structuralists. It argues Moore's horizontalist representation of endogenous...