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November 17, 2006

More on Friedman

1. This is the most interesting article I've read that deals with Friedman. It is an article from 1982 that appeared in the Journal of Economic Literature that gives a history of the Chicago School of Economics. Unfortunately if you don't have a JSTOR subscription you can't view it, but if you can, check it out. The battles that Friedman waged to gain intellectual control of the U of C and make it what it is today (from my perspective, it is good to see that not much has changed since the early 80s).2. Here is Steven Levitt on Friedman. Best part:

People do not realize how revolutionary because so many of his ideas that were thought to be crazy when he suggested them eventually came to be seen as obvious: school choice, a volunteer army, etc.
3. Here is Mankiw, linking to an old article of his on Friedman:
Friedman's politics may have generated public controversy, but his scientific contributions yielded a consensus of admiration among his professional colleagues. When students today are taught about the determinants of consumer spending, the history of monetary policy, or the relationship between inflation and unemployment, they owe much to the intellectual legacy of Milton Friedman. Legend has it that economist George Stigler once called Friedman "the best economist in a bad century." Stigler may well have been right that Friedman doesn't quite measure up to the 18th century's Adam Smith or the 19th century's David Ricardo--economists, like many of the things that they study, are subject to the law of diminishing returns. But Friedman runs a good race against such 20th-century luminaries as Paul Samuelson and John Maynard Keynes, and that is no mean feat.
4. Friedman's autobiography, via the Swedes.