The Nature and Origins of Friedman’s Influence

Robert Leeson

Chapter 14 in Ideology and the International Economy, 2003, pp 91-102 from Palgrave Macmillan

Abstract: Abstract Since the death of Keynes, no economist has exerted a comparable influence to that of Friedman. He influenced economists’ methodology before he influenced their policy prescriptions: positive economics was the antidote to the use of ‘arbitrary’ principles such as Occam’s razor which sought to discriminate between ‘formal models of imaginary worlds’ (Friedman 1953, 283). As a policy analyst, Friedman displayed ‘inventiveness’ (Stigler 1998, 155). His advocacy of flexible exchange rates is a classic illustration of the process by which academic ideas become fertile.

Keywords: Exchange Rate; Fixed Exchange Rate; Quantity Theory; Bretton Wood System; Imaginary World (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28602-3_14

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DOI: 10.1057/9780230286023_14

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