Edward Nelson

Milton Friedman is widely recognized as one of the most influential economists of the twentieth century. Yet no previous study has distilled Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. The first volume, which takes the story through 1960, covers the period in which Friedman began and developed his research on monetary policy. It traces Friedman’s thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. The second volume covers the years between 1960 and 1972— years that saw the publication of Friedman and Anna Schwartz’s Monetary History of the United States. The book also covers Friedman’s involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day.

Milton Friedman and Economic Debate in the United States, 1932–1972, Volume 1

"This two-volume biographical work provides a foundational introduction to Friedman's role in several major economic debates that took place over four decades in the US, from 1932 through the end of 1972. The debates considered include both those that were largely carried out in the economic-research literature and those that primarily proceeded in the media or in policy forums. Nelson writes from a unique vantage point, as he draws from his own expertise in monetary economics, and has immersed himself in Friedman's Hoover Institution archives, allowing him unparalleled familiarity with Friedman's publications. Further, Nelson differentiates Friedman's ideas from those of his University of Chicago colleagues-particularly with those of George Stigler. And beyond, Nelson is able to refine and explicate the existing Friedman literature. Nelson provides an analytical narrative of Friedman's career from 1932 to 1972 (with the narrative organized primarily in terms of key economic debates), together with an exposition of Friedman's economic framework. The first volume consists of Chapters 1 to 10, covering Friedman's formative and early years through 1951, and Chapters 11 to 15 (the whole of the second volume), consider U.S. economic debate, and Friedman's participation in it, in the years from 1951 to 1972-the first two decades of Friedman's "monetarist period.""--

Milton Friedman and Economic Debate in the United States, 1932-1972

These notes are based on a course of lectures given by Professor Nelson at Princeton during the spring term of 1966. The subject of Brownian motion has long been of interest in mathematical probability. In these lectures, Professor Nelson traces the history of earlier work in Brownian motion, both the mathematical theory, and the natural phenomenon with its physical interpretations. He continues through recent dynamical theories of Brownian motion, and concludes with a discussion of the relevance of these theories to quantum field theory and quantum statistical mechanics. Originally published in 1967. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

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This volume contains detailed, worked-out notes of six main courses given at the Saint-Flour Summer Schools from 1985 to 1987.

Edward Nelson

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