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Theory and Measurement: Causality Issues in Milton Friedman's Monetary Economics
Contributor(s): Hammond, J. Daniel (Author)

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 ISBN: 0521552052     ISBN-13: 9780521552059
Publisher: Cambridge University Press
OUR PRICE: $156.75  

Binding Type: Hardcover - See All Available Formats & Editions
Published: March 1996
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Annotation: Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, this 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 postwar 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 Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Friedman's attempts to settle debates with his critics and his eventual recognition of the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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Additional Information
BISAC Categories:
- Business & Economics | Economics - Theory
Dewey: 330.157
LCCN: 95019324
Series: Historical Perspectives on Modern Economics
Physical Information: 0.76" H x 6.24" W x 9.23" L (1.03 lbs) 250 pages
Features: Bibliography, Illustrated, Index
 
Descriptions, Reviews, Etc.
Publisher Description:
Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, from 1948 to 1991, this 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. Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Milton Friedman's attempts to settle debates with his critics and his eventual recognition of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.
 
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