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...

Die monetaristische Geldtheorie gesteht zwar dem Geld als „Luxusgut” einen eigenen Nutzen zu, gelangt aber erst durch eine kritische Synthese mit der keynesianischen Liquiditätstheorie des Zinses zu sinnvollen Ergebnissen. Sowohl Milton Friedmans Idee, das Wohlfahrtsoptimum durch eine...

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...

Milton Friedman's influence on the economics profession has been enormous. In part, his success was due to political forces that have made neoliberalism the dominant global ideology, but Friedman also rode those forces and contributed to them. Friedman's professional triumph is testament to the...

This study attempts to identify a stable money demand function for Pakistan’s economy, where the monetary aggregate is considered the nominal anchor. With evolving financial innovations and regulations, the stability of money demand has been the focus of numerous debates. Where earlier studies...

Milton Friedman's influence on the economics profession has been enormous. In part, his success was due to political forces that have made neoliberalism the dominant global ideology, but Friedman also rode those forces and contributed to them. Friedman's professional triumph is testament to the...

In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...