Mostly Economics

The  Committee awarded Milton Friedman the prize for his work on:

“fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.”

Profs. James Forder and  Hugo Monnery of University of Oxford (Balliol College) in this paper review the prize to Friedman. They say his work on consumption analysis and monetary history are well known. It is third one on stabilization policy which needs explanation:

The citation for Milton Friedman’s Nobel Prize of 1976 points to three contributions. In two cases, the principal works the Committee must have had in mind are easy to identify. The question of what was intended by the third – ‘his demonstration of the complexity of stabilization policy’ – is considered. It is argued that, contrary to what might be suspected, this does not refer to any work on the Phillips curve; but the work to which it does…

View original post 21 more words

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.