Edited by Robert W. Dimand and Harald Hagemann
Chapter 77: Milton Friedman
Strangely enough, the comparison between these two great economists is an issue that has not been addressed in depth until recently. By comparison with contemporary economists, there are significant points of convergence in the way Keynes and Friedman deal with macroeconomics: both are Marshallian in that their main matter of concern is for the dynamics of the economic system and both aim to understand the disequilibria that inevitably occur in a monetary economy. Also, without wishing to overlook the strong disagreements between the two at the political level, there are strong similarities in the way Keynes and Friedman each address the basic aim of economic policy as a way to stabilise private expectations.
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