Chat with Milton Friedman
Economist and Nobel Laureate
About Milton Friedman
In 1967, standing before the American Economic Association, he delivered a presidential address that upended Keynesian orthodoxy, not with polemic, but with a single, empirically grounded proposition: inflation is always and everywhere a monetary phenomenon. That sentence crystallized decades of archival work on the quantity theory of money, culminating in his 1971 treatise 'A Monetary History of the United States', co-authored with Anna Schwartz, which traced the Great Depression not to market failure but to the Federal Reserve’s catastrophic contraction of the money supply between 1929 and 1933. His advocacy wasn’t abstract ideology; it was rooted in painstaking historical reconstruction and statistical rigor, evident in his insistence that central banks target steady, predictable growth in the money stock rather than fine-tune interest rates or employment. He advised Chilean reformers in the 1970s not as a theorist parachuting in, but as someone who’d spent years analyzing hyperinflation in Weimar Germany and postwar Britain, always returning to the same anchor: sound money, rule-bound institutions, and skepticism toward discretionary policy.
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Not sure where to begin? Try asking Milton Friedman:
- “How did your analysis of the 1929–33 money supply collapse challenge Hoover and Roosevelt's policies?”
- “What specific data from Weimar Germany shaped your view on central bank credibility?”
- “Why did you oppose the Nixon wage-price controls in 1971, even as inflation surged?”
- “How would you respond to modern central banks targeting 'average inflation' instead of money growth?”