What explains the simultaneous critiques of economic theory and liberalism during the 1930s? Early neoclassical economists had a common understanding of the proper institutional context under-girding a liberal market order. From the marginal revolution emerged a growing emphasis on analyzing...

In terms of economic methodology, Friedman's most well-known contribution is his 1953 essay, “The Methodology of Positive Economics.” This important contribution has overshadowed his earlier contribution to economic methodology, entitled “Lerner on the Economics of Control” (1947)....