March 30, 2007

Richmond Fed's Economic Quarterly Reviews Milton Friedman's Legacy

Richmond, VA

The Contributions of Milton Friedman to Economics

by Robert L. Hetzel

Milton Friedman was arguably the most influential economist of the 20th century. He made groundbreaking scientific contributions that changed the way economists approached some of the most important questions in monetary economics and macroeconomics. He also was an ingenious policy analyst, proposing such measures as school choice and the end of the military draft in favor of a volunteer army. Finally, he had a unique ability to make economics accessible to a general audience, through his Newsweek column and countless television appearances. Richmond Fed economist Robert Hetzel, a former student of Friedman, recounts and analyzes his teacher’s numerous contributions and puts them in historical perspective.

You can find the full text of this article and others in the latest issue of Economic Quarterly on the Bank's Web site. Also in the Winter 2007 issue:

  • Implications of Some Alternatives to Capital Income Taxation by Kartik B. Athreya and Andrea L. Waddle
  • Exchange Rates and Business Cycles Across Countries by Margarida Duarte, Diego Restuccia, and Andrea L. Waddle
  • Optimal Nonlinear Income Taxation with Costly Tax Avoidance by Borys Grochulski

The Economic Quarterly is a free publication containing economic analysis pertinent to Federal Reserve monetary and banking policy. For free copies or more information, contact the Federal Reserve Bank of Richmond’s Public Affairs office at 804.697.7982.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.


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