Money mischief: episodes in monetary history by Milton Friedman · Money mischief: episodes in monetary history. by Milton Friedman. Print book. English. In his new book, Money Mischief, economist Milton Friedman Friedman: I do not agree with the view of the economists calling for. Money Mischief: Episodes in Monetary History (Harvest Book) and millions of other books are available for instant access. Money Mischief: Episodes in Monetary History Paperback – March 31, Start reading Money Mischief: Episodes in Monetary History (Harvest Book) on your.
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sodes In Monetary History: Money Mischief by Milton Friedman. But we are going to talk about more than money and Milton. Even if this were not an audience of. monetary framework that would provide a favorable environment for the operation .. Friedman, Milton () Money Mischief, Harcourt Brace. Book). ID.: IE Category: US/Data/Business-Money. Rating.: 4/5 From Reviews. Milton Friedman ebooks | Download PDF | *ePub | DOC | audiobook.
D from Columbia in and got an appointment at the University of Chicago that same year. Savage , his use of evolutionary theory in the theory of the firm , his controversial propositions for a "positivist" methodology in economics and, perhaps most fundamentally, the " Permanent Income Hypothesis " in consumption theory Friedman's important criticisms of Keynesian theory began with his attack on the IS-LM dichotomy in his " restatement" of the Quantity Theory in -- effectively, reminding Keynesians that "money matters".
This was followed up by a massive historical study with Anna J. Schwartz on the Monetary History of the United States - leading to a famous debate on money-income causality.
In his famous presidential address to the American Economic Association , Friedman then focused his attention upon the apparent breakdown of the Phillips Curve relationship in the s.
In general, he argued that government discretionary "fine-tuning" of the economy, as had been proposed by Keynesians , ought to be replaced with iron "rules" of policy - notably his famous "money supply growth" rule Milton Friedman has also been a widely-read advocate of laissez-faire economic policies, particularly stressing the linkage between free markets and liberal democracy which has come to characterize the "Neo-Liberal" or "Neo-Conservative" for Americans movement that gained ground particularly in the s.
Friedman's regular columns in Newsweek and his best-selling popular volumes e. His political involvements have made him a lightning rod for both critics and advocates of "neo-liberalism".
However, Friedman's role as an economic advisor to the Chilean military dictator, Augusto Pinochet, in the mids, earned him much criticism, from foes and friends alike, arguing that he had betrayed his support of political freedom by cooperating with such an unsavory regime. Friedman's response was that it was entirely consistent: free markets, he claimed, are a pre-condition and indeed, a catalyst for democracy and credits precisely the liberalization of markets he helped engineer for the subsequent democratization of Chile.
Friedman won the Nobel Memorial prize in He retired from the University of Chicago and has, since , been a fellow of the Hoover Institution at Stanford University.
He continued to be actively involved in debates on economic theory and policy up until his death in Thesis, , University of Chicago. Kuznets , Burns, Wesley Mitchell and the National Bureau. Wright, editor, The Impact of the Union. New York: Harcourt Brace.
This was largely due to the audiobook format. This format does not suit this book at all.
There is a large amount of technical discussion about economics including ratios and formulas that is just hard to follow in an audiobook format, despite one whole chapter being omitted specifically because it would be too technical for narration. I think the material would have been much easier to digest if there was time to rer This review is for the Audiobook version. I think the material would have been much easier to digest if there was time to reread and mull over sections before continuing.
As for the material itself, it was for the most part stories not well told, nor really worth telling. The first section covering stones being used as currency in the Pacific Islands hinted at being interesting.
The remainder of the stories dealing with bimetallism, the gold standard and the impact of money on various global economies in the late 19th and early 20th centuries was not very compelling.
In addition, despite Milton Friedman being an historic economist, he sometimes confuses tax rates and tax brackets and clearly does not understand what Taxation without Representation is.
Mar 23, Rohan rated it really liked it Shelves: So many years after the original publication date, you would think that this book might not be very interesting before you begin. But trust me, you will be surprised to see how Milton Friedman will keep you hooked on until the last chapter. There are so many good things in this book.
Starting with the concept of stone money on the island of yap, to an analogy of throwing cash into a community from a Helicopter, to the story of Gold and Silver and Bi-Metallic Standards and the Coinage act of So many years after the original publication date, you would think that this book might not be very interesting before you begin.
Starting with the concept of stone money on the island of yap, to an analogy of throwing cash into a community from a Helicopter, to the story of Gold and Silver and Bi-Metallic Standards and the Coinage act of followed by an analogy between Inflation and Alcoholism.
At some point, I felt that every second sentence was valuable advice and I could think of entire books being written on such topics by various authors of the day. Examples include: Overall, the best chapter of the book is on Inflation and the last chapter on Fiat Money. I will strongly recommend my fellow economic enthusiasts to read this book. It has definitely changed my perspective of money for life. Nov 29, Jesse Schexnayder rated it really liked it Shelves: Milton Friedman's account of monetary history in the pre-Industrial to Modern Western world is quite timely in today's fiscal environment.
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With nation level bailouts becoming all too commonplace in the EU Greece, Spain, and now Ireland and the US dollar on the ropes quantitative easement leading to it being dropped as the world's standard currency it seems Friedman's predictions regarding the unquenchable desire of modern politicians to fund their political careers through the debasement i.
As Friedman and Thomas Jefferson have said, the handling of currency is much too important to be left in the hands of central banks, and in the US we don't even know who the members of the that central banking system, the Federal Reserve, are, much less have open access to their books.
How convenient for the bankers, and, ah yes, the politicians Jul 30, Ray rated it really liked it Shelves: Marvelous fun and very illuminating. Friedman starts out with a South Pacific island whose idea of money is gigantic immobile rocks you keep in your backyard, and then goes on, after a nice explanation of inflation that I'd not gotten before, but was fairly detailed on a toy example involving a helicopter dropping cash to a fairly detailed discussion of the whole bimetallic vs gold standard debate that raged through world politics in the 19th century.
I didn't know that the Industrial Revoluti Marvelous fun and very illuminating. I didn't know that the Industrial Revolution basically happened here during a period of sustained deflation, and I think I finally understand what that mess over the "cross of gold" was about. Friedman has a gift for explaining things in a way that gives me an intuition for the subject - a feeling I usually associate with slowly digested math texts, not easily read books about history.
Highly recommended. Jul 20, AJ rated it liked it Recommends it for: People intersted in Economics. Milton Freidman is a great read. This book explains the symbolic properties or "myth" of money, touches on the history of the gold and silver standard in the US and abroad, and focuses narrowly on a retrospective analysis of whether US monetary policy made the right decisions with regard to the precious metals and money.
Foll Milton Freidman is a great read. Following is a great discussion of inflation, how it works, why it's bad, and what can be done about it.
There are a fair amount of charts, and one chapter devoted fully to modeling hypothetical alternatives to history, essentially full-blown economic analysis. Even so, don't let that stop you from grabbing it. Nov 07, Katy rated it liked it Shelves: This was tough going. Since I don't have an economics background, the detailed explanation of bi-metalism and national economic policy was very difficult for me. The last few chapters on the causes of inflation were quite enlightening.
The process engages all the hidden f This was tough going.
The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
Oct 15, Richard rated it really liked it. Substantial inflation is always and everywhere a monetary phenomenon. To produce continuing inflation, one requires a printing press on which one can turn out those pieces of paper that we call money. Thus it is folly to blame inflation on anyone but the government. A metallic standard gold, silver, or bi-metallic necessarily introduces volatility to price levels and leads to an inefficient allocation of resources, but it also disciplines the government's printing presses.
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The Nobel Prize winner Substantial inflation is always and everywhere a monetary phenomenon. The Nobel Prize winner also provides a compelling explanation of how FDR's ill-conceived silver policy aided the communist revolution in China. Dec 03, Abdelhamid rated it it was amazing. Milton Friedman covers a number of interesting episodes of monetary history in this book.
The episode about the bimetallic money system the U. Also the discussion of inflation and the incentive the government may have to use inflation to finance spending is very relevant to our current day problems of growing national debt and federal budget deficit. I highly recommend this book to anyone who wants to learn more about money and its history.
Feb 10, Azriel rated it really liked it. Despite Friedman's wit and clarity, this is difficult material to work through. More so when he takes an entire chapter to work through the extended math of several of his asumptions. I recommend everyone who has any interest in economics to read the first and 8th chapters.
The first explains that money is merely a medium of exchange, and clarifies why fiat money is fully valid. Chapter 8 covers inflation, and dispells many myths that still get involked 25 years later. Dec 09, James Koppen rated it liked it. I didn't actually finish this book, but I'm done for now. The first chapters kept my attention but once he began to explain an alternate financial history - as in what he thinks would have happened, hypothetically, had a certain monetary policy been effected in the late s - with graphs and tables I stopped reading.
Mar 15, Terry Koressel rated it it was ok. I am sure this is an excellent book I am a huge fan of Milton Friedman.
However, I am sad to say that the intricate and detailed economics in Money Mischief were over my head It is one of the very few books I did not finish. I would not recommend the book unless you have a mind or training to understand complex economics particularly monetary theory. May 03, Void lon iXaarii rated it liked it.
Very cool stuff. I particularly liked the hypothetical money from the helicopter reasoning flow mental exercises and I of course adored the stone money real situation and the parallel to the France-US incident. Mar 02, Don rated it it was amazing. Superb non-technical examples of just how much "money matters".
Fun reading for economic history types as well as people interested in monetary economics. Leftists may enjoy a good exposition of the monetary policies of 19th century American populists including William Jennings Bryan.
May 10, Dave Peticolas rated it liked it.
Money Mischief: Episodes in Monetary History
A short introduction to monetary history and the causes of inflation. Jun 01, Stephen Frank rated it really liked it. A must read for investors interested in understanding the possible consequences of quantitative easing.
Jan 30, Aharon rated it liked it. Nov 21, A. Tebbs rated it really liked it. It's a bit technical at times, but he explains why hard currency is so necessary. I greatly admire this man and I love how he exposes fraud. Dec 24, Bill Duhamel rated it it was amazing.
A fun read. But lightweight. Aug 19, Jen added it. Slow going, not my typical book. Good content though I gave up half way through. Jul 28, Chris Fellows rated it really liked it. No matter how many things I read, I am still surprised from time to time to find vast swathes of human knowledge of which I am totally ignorant.
Now I understand bimetallism! Jan 16, Todd rated it really liked it. Excellent real life studies in economics. Some very compelling ideas and thought provoking on humanity, money, power and freedom.Slow going, not my typical book.
Nov 18, Timothy Taylor rated it did not like it. Refine Your Search Year. Burns, Wesley Mitchell and the National Bureau. Updating results He outlines the central role of monetary theory and shows how it can act to ignite or deepen inflation, as one instance.
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