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Milton Friedman, Robert E. Lucas, Jr. and Edmund S. Phelps
This groundbreaking series brings together a critical selection of key papers by the Nobel Memorial Laureates in Economics that have helped shape the development and present state of economics. The editors have organised this comprehensive series by theme and each volume focuses on those Laureates working in the same broad area of study. The careful selection of papers within each volume is set in context by an insightful introduction to the Laureates’ careers and main published works. This landmark series will be an essential reference for scholars throughout the world.
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Critical Acclaim
Contributors
Contents
More Information
This groundbreaking series brings together a critical selection of key papers by the Nobel Memorial Laureates in Economics that have helped shape the development and present state of economics. The editors have organised this comprehensive series by theme and each volume focuses on those Laureates working in the same broad area of study. The careful selection of papers within each volume is set in context by an insightful introduction to the Laureates’ careers and main published works. This landmark series will be an essential reference for scholars throughout the world.
Critical Acclaim
‘What a brilliant idea! To provide readers with both information on the Nobel Laureates in Economics and, to the degree possible, the original papers for which they were honored. The names of the “contributing” Laureates speak for themselves. Howard Vane and Chris Mulhearn, the editors, and Edward Elgar, the publisher, are to be congratulated for putting the idea into effect.’
– Warren J. Samuels, Michigan State University, US
‘These volumes complement Vane and Mulhearn’s critically acclaimed book, The Nobel Memorial Laureates in Economics, and are an indispensable guide to key developments in modern economics.’
– The late Mark Blaug, formerly of the University of London and University of Buckingham, UK
‘The nature, content and boundaries of economics are changing. There is no better way of examining the key contributions that have shaped the discipline in the last half century than by looking at the pioneering works of the Nobel Laureates in Economics. These volumes not only provide a treasure house of material of high intrinsic worth, but also help us to understand what kind of approaches and ideas have been successful in persuading other economists, and thereby provide valuable material for understanding the evolution of the discipline. The idea behind this series of volumes is brilliant.’
– Geoffrey M. Hodgson, University of Hertfordshire Business School, UK
– Warren J. Samuels, Michigan State University, US
‘These volumes complement Vane and Mulhearn’s critically acclaimed book, The Nobel Memorial Laureates in Economics, and are an indispensable guide to key developments in modern economics.’
– The late Mark Blaug, formerly of the University of London and University of Buckingham, UK
‘The nature, content and boundaries of economics are changing. There is no better way of examining the key contributions that have shaped the discipline in the last half century than by looking at the pioneering works of the Nobel Laureates in Economics. These volumes not only provide a treasure house of material of high intrinsic worth, but also help us to understand what kind of approaches and ideas have been successful in persuading other economists, and thereby provide valuable material for understanding the evolution of the discipline. The idea behind this series of volumes is brilliant.’
– Geoffrey M. Hodgson, University of Hertfordshire Business School, UK
Contributors
18 articles, dating from 1953 to 1988
Contents
Contents:
Acknowledgements
General Introduction
PART I MILTON FRIEDMAN
Introduction to Part I
Howard R. Vane and Chris Mulhearn
1. Milton Friedman (1953a), ‘The Methodology of Positive Economics’
2. Milton Friedman (1953b), ‘The Case for Flexible Exchange Rates’
3. Milton Friedman (1956), ‘The Quantity Theory of Money – A Restatement’
4. Milton Friedman and Anna J. Schwartz (1963), ‘Money and Business Cycles’
5. Milton Friedman (1968), ‘The Role of Monetary Policy’
6. Milton Friedman (1977), ‘Nobel Lecture: Inflation and Unemployment’
PART II ROBERT E. LUCAS Jr.
Introduction to Part II
Howard R. Vane and Chris Mulhearn
7. Robert E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’
8. Robert E. Lucas, Jr. (1973), ‘Some International Evidence on Output-Inflation Tradeoffs’
9. Robert E. Lucas, Jr. (1975), ‘An Equilibrium Model of the Business Cycle’
10. Robert E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’
11. Robert E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’
12. Robert E. Lucas, Jr. (1988), ‘On the Mechanics of Economic Development’
PART III EDMUND S. PHELPS
Introduction to Part III
Howard R. Vane and Chris Mulhearn
13. Edmund S. Phelps (1961), ‘The Golden Rule of Accumulation: A Fable for Growthmen’
14. Edmund S. Phelps (1966), ‘Models of Technical Progress and the Golden Rule of Research’
15. Edmund S. Phelps (1967), ‘Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time’
16. Edmund S. Phelps (1968), ‘Money-Wage Dynamics and Labor-Market Equilibrium’
17. E.S. Phelps and R.A. Pollak (1968), ‘On Second-Best National Saving and Game-Equilibrium Growth’
18. Edmund S. Phelps and John B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’
Name Index
Acknowledgements
General Introduction
PART I MILTON FRIEDMAN
Introduction to Part I
Howard R. Vane and Chris Mulhearn
1. Milton Friedman (1953a), ‘The Methodology of Positive Economics’
2. Milton Friedman (1953b), ‘The Case for Flexible Exchange Rates’
3. Milton Friedman (1956), ‘The Quantity Theory of Money – A Restatement’
4. Milton Friedman and Anna J. Schwartz (1963), ‘Money and Business Cycles’
5. Milton Friedman (1968), ‘The Role of Monetary Policy’
6. Milton Friedman (1977), ‘Nobel Lecture: Inflation and Unemployment’
PART II ROBERT E. LUCAS Jr.
Introduction to Part II
Howard R. Vane and Chris Mulhearn
7. Robert E. Lucas, Jr. (1972), ‘Expectations and the Neutrality of Money’
8. Robert E. Lucas, Jr. (1973), ‘Some International Evidence on Output-Inflation Tradeoffs’
9. Robert E. Lucas, Jr. (1975), ‘An Equilibrium Model of the Business Cycle’
10. Robert E. Lucas, Jr. (1976), ‘Econometric Policy Evaluation: A Critique’
11. Robert E. Lucas, Jr. (1978), ‘Asset Prices in an Exchange Economy’
12. Robert E. Lucas, Jr. (1988), ‘On the Mechanics of Economic Development’
PART III EDMUND S. PHELPS
Introduction to Part III
Howard R. Vane and Chris Mulhearn
13. Edmund S. Phelps (1961), ‘The Golden Rule of Accumulation: A Fable for Growthmen’
14. Edmund S. Phelps (1966), ‘Models of Technical Progress and the Golden Rule of Research’
15. Edmund S. Phelps (1967), ‘Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time’
16. Edmund S. Phelps (1968), ‘Money-Wage Dynamics and Labor-Market Equilibrium’
17. E.S. Phelps and R.A. Pollak (1968), ‘On Second-Best National Saving and Game-Equilibrium Growth’
18. Edmund S. Phelps and John B. Taylor (1977), ‘Stabilizing Powers of Monetary Policy under Rational Expectations’
Name Index