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Milton FriedmanContributions to Economics and Public Policy$
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Robert A. Cord and J. Daniel Hammond

Print publication date: 2016

Print ISBN-13: 9780198704324

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780198704324.001.0001

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How Friedman became the Anti-Keynes

How Friedman became the Anti-Keynes

Chapter:
(p.607) Chapter 32 How Friedman became the Anti-Keynes
Source:
Milton Friedman
Author(s):

Craig Freedman

Geoffrey C. Harcourt

Peter Kriesler

J. W. Nevile

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198704324.003.0033

This chapter considers John Maynard Keynes’s major contributions to economics before The General Theory of Employment, Interest and Money, namely A Tract on Monetary Reform and A Treatise on Money, and shows that they were in fact close to the views which Milton Friedman would later develop. However, The General Theory itself represented a major challenge to the orthodoxy of the time, and it was to this that Friedman radically objected. We identify the main areas in which Keynes departed from mainstream theory, and show how Friedman attempted to undermine each of Keynes’s major contributions in The General Theory and the extent to which he was successful, and was able to replace them with ideas that provide the foundations for neoliberalism.

Keywords:   Friedman, Keynes, neoliberalism, The General Theory, mainstream theory

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