Milton Friedman’s presidential address at 50: One of the defining moments in history of macroeconomics…

Mostly Economics

The year 2018 marks the 50 years of the celebrated and much talked about lecture given by Milton Friedman: The role of monetary policy. It is seen as one of those key moments in history of macroeconomics where Friedman questioned the trade-off between inflation and unemployment as espoused in Philips curve.

It is rather odd to see a journal – Review of Keynesian economics – to dedicate an entire issue on the 50th anniversary.

Milton Friedman’s American Economic Association (AEA) presidential address, ‘The role of monetary policy,’ was published 50 years ago in the 1968 Papers and Proceedings issue of the American Economic Review. Friedman’s influence as an economist is undeniable and he is widely viewed, together with John Maynard Keynes, as the most important macroeconomist of the twentieth century. His contributions were extensive but, in our view, his AEA address has been the most influential.

In that…

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About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at

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