Milton Friedman: Constructing an Anti-Keynes

Craig Freedman, Geoffrey Harcourt, Peter Kriesler and John Nevile
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Craig Freedman: Department of Economics, Macquirie University
John Nevile: School of Economics, Australian School of Business, the University of New South Wales

No 2013-35, Discussion Papers from School of Economics, The University of New South Wales

Abstract: The paper considers Keynes’s major contributions before "The General Theory", namely "A Tract on Monetary Reform" and "A Treatise on Money", and shows that they were close to the views which Friedman would later develop. However, "The General Theory of Employment, Interest and Money" represented a major challenge to the orthodoxy of the time, and it was to this that Friedman radically objected. We identify the main areas in which Keynes departed from the mainstream theory of the time, and show how Friedman attempted to undermine each of Keynes’s major contributions and the extent to which he was successful. Friedman regarded Keynes’s contributions as detrimental to, and a definitive step backward for, the economics profession.

Keywords: Friedman; Keynes; History of macroeconomics; Macroeconomic policy (search for similar items in EconPapers)
JEL-codes: B22 B31 E6 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2013-12
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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