Milton Friedman and Monetarism

Paper Summary:

In this article the writer studies the views of Milton Friedman and in particular his theories of monetarism. The writer discusses Friedman's work entitled 'A Theory of the Consumption Function'. The writer points out that published in the 1950s, this work was to set a pattern for Friedman and monetarism for the rest of the decade.

From the Paper:

"While Friedman initially entered his academic studies with the intent of studying math he later switched to economics and this resulted in the prodigious body of work he is known for as well as his wide association with the theories of monetarism. Friedman established his scholarship and perhaps his later radical views of monetarist economic policies in his work entitled 'A Theory of the Consumption Function' wherein he first proposes an alternative consumption behavior pattern to the previously unchallenged Keynesian model consumption based as it was on employment, interest, and the monetary policy."

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