The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 77: Milton Friedman

Sylvie Rivot


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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