It is noted that Harry G. Johnson was widely admired for his broad knowledge of economics, and particularly for the excellence and synthesizing quality of much of his writing. His discussions of the “Phillips curve” and related matters are considered. It is found that they are brief,...

The citation for Milton Friedman's Nobel Prize of 1976 points to three contributions. In two cases, the principal works the Committee must have had in mind are easy to identify. The question of what was intended by the third – ‘his demonstration of the complexity of stabilization policy' –...

Chapter 1: Introduction -- Part I: Friedman’s life and autobiography -- Chapter 2: Part I Introduction -- Chapter 3: Friedman’s life and autobiography -- Chapter 4: Three controversies -- Chapter 5: Friedman in Britain in the 1970s and 1980s -- Chapter 6: Part I Conclusion -- Part II: Milton...

Friedman (1968) – his famous Presidential Address to the American Economic Association – contains an elementary error right at the heart of what is usually supposed to be the paper's crucial argument. That is the argument to the effect that during an inflation, changing expectations shift...