Not for Love Nor Money : Milton Friedman's Counter-Revolution

In 1969 Don Patinkin responded to a 1956 claim made by Milton Friedman concerning the 'oral tradition' at Chicago in the thirties and forties. Friedman's seemingly innocuous remark initiated a debate over an apparent characterisation of a school of thought rather than any specific theoretical or empirical position. The controversy managed to drag on for over 30 years. This paper explores the reasons why Friedman chose to create a specific vision of the pre-war Chicago School in an article ostensibly concerned with monetary theory