"A Monetary History of the United States A Monetary History of the United States, 1867–1960 is a book written in 1963 by Nobel Prize–winning economist Milton Friedman and Anna J. Schwartz. It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the U.S. economy, especially the behavior of economic fluctuations. The implication they draw is that changes in the money supply had unintended adverse effects, and that sound monetary policy is necessary for economic stability. Economic historians see it as one of the most influential economics books of the"
"no free lunch"" appeared in a 1942 article in the ""Oelwein Daily Register"" (in a quote attributed to economist Harley L. Lutz) and in a 1947 column by economist Merryle S. Rukeyser. In 1949, the phrase appeared in an article by Walter Morrow in the ""San Francisco News"" (published on 1 June) and in Pierre Dos Utt's monograph ""TANSTAAFL: A Plan for a New Economic World Order"", which describes an oligarchic political system based on his conclusions from ""no free lunch"" principles. The 1938 and 1949 sources use the phrase in relating a fable about a king (Nebuchadnezzar in Dos"
"Burton Malkiel Burton Gordon Malkiel (born August 28, 1932) is an American economist and writer, most famous for his classic finance book ""A Random Walk Down Wall Street"" (now in its 12th edition, 2015). He is a leading proponent of the efficient-market hypothesis, which contends that prices of publicly traded assets reflect all publicly available information, although he has also pointed out that some markets are evidently inefficient, exhibiting signs of non-random walk. Malkiel in general supports buying and holding index funds as the most effective portfolio-management strategy, but does think it is viable to actively manage ""around the edges"""
"Freefall: America, Free Markets, and the Sinking of the World Economy Freefall: America, Free Markets, and the Sinking of the World Economy is a book on the causes and consequences of the Great Recession by economist and Nobel laureate Joseph E. Stiglitz, first published in 2010 by W. W. Norton & Company. While focusing on the roots of the financial crisis of 2007-08 and the subsequent global economic slowdown, which he claims to find mainly in fiscal policy as conducted during the Bush presidency and decisions made by the Federal Reserve, Stiglitz also talks about the failure to cope with"
"Friedrich Hayek Friedrich August von Hayek (; ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his ""pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena"". Hayek was also a major social theorist and political philosopher of the 20th century and his account of how changing prices communicate information that"
"Joseph Stiglitz Joseph Eugene Stiglitz (; born February 9, 1943) is an American economist, public policy analyst, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the (US president's) Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of ""laissez-faire"" economists (whom he calls ""free"
"and James Kwak. Neither of the books was given a positive assessment, with ""Freefall"" being criticized for argumentative inconsistency: ""If policymakers failed as miserably as Mr Stiglitz believes, then he ought to be far more worried about the potential for government failure in the future. That dissonance is a glaring weakness in Mr Stiglitz's book."" Freefall: America, Free Markets, and the Sinking of the World Economy Freefall: America, Free Markets, and the Sinking of the World Economy is a book on the causes and consequences of the Great Recession by economist and Nobel laureate Joseph E. Stiglitz, first published in"
"Milton Friedman Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to"
"opportunities. According to the efficient-market hypothesis, Chinese stocks cannot have better risk-adjusted returns than U.S. stocks, except by chance. Burton Malkiel Burton Gordon Malkiel (born August 28, 1932) is an American economist and writer, most famous for his classic finance book ""A Random Walk Down Wall Street"" (now in its 12th edition, 2015). He is a leading proponent of the efficient-market hypothesis, which contends that prices of publicly traded assets reflect all publicly available information, although he has also pointed out that some markets are evidently inefficient, exhibiting signs of non-random walk. Malkiel in general supports buying and holding index"
"Monk and the Philosopher"") about the son's conversion and Buddhism. Jean-François Revel Jean-François Revel (born Jean-François Ricard; 19 January 192430 April 2006) was a French journalist, philosopher, and a member of the Académie française from June 1998 onwards. A socialist in his youth, Revel later became a prominent European proponent of classical liberalism and free market economics. Revel is best known for his books ""Without Marx or Jesus: The New American Revolution Has Begun"", ""The Flight from Truth: The Reign of Deceit in the Age of Information"" and his 2002 book ""Anti-Americanism"", one year after the September 11 attacks of"
"he had taught, namely the London School of Economics, the University of Chicago and the University of Freiburg. A number of tributes have resulted, many established posthumously: Friedrich Hayek Friedrich August von Hayek (; ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian economist and philosopher best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his ""pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social"
"Guy Sorman, author of the libertarian book ""Economics Does Not Lie"", showed himself sceptical about ""Freefall"", stating that its author ""feels compelled to remind the reader that he is not a socialist: he only advocates a better world. His utopia would replace the failed market fundamentalism by striking the right balance between market and state. (...) Stiglitz’s Nobel Prize on market asymmetry was well deserved. His opinions on everything else are just opinions and deserve to be treated as such."" ""The Economist"" juxtaposed ""Freefall"" in opposition to ""13 Bankers"", a slightly later published book with similar contents by Simon Johnson"
"suddenly in 2004 while attending a conference in Marseilles, France. Herschel Grossman Herschel Ivan Grossman (6 March 1939 – 9 October 2004) was an economist best known for his work on general disequilibrium with Robert Barro in the 1970s and later work on property rights and the emergence of the state. Grossman received a bachelor of arts from the University of Virginia (1960), a B.Phil. from the University of Oxford (1962), and his Ph.D. from Johns Hopkins University (1965). Grossman collaborated with Barro to produce the influential article ""A General Disequilibrium Model of Income,"" which, for many years, held the"
"David D. Friedman David Director Friedman (born February 12, 1945) is an American economist, physicist, legal scholar, and libertarian theorist. He is known for his textbook writings on microeconomics and the libertarian theory of anarcho-capitalism, which is the subject of his most popular book, ""The Machinery of Freedom"". Besides ""The Machinery of Freedom"", he has authored several other books and articles, including ""Price Theory: An Intermediate Text"" (1986), ""Law's Order: What Economics Has to Do with Law and Why It Matters"" (2000), ""Hidden Order: The Economics of Everyday Life"" (1996), and ""Future Imperfect"" (2008). David Friedman is the son of"
"Kenneth Arrow Kenneth Joseph ""Ken"" Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics, he was a major figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably ""Arrow's impossibility theorem"", and his work on general equilibrium analysis. He has also provided foundational work in many"
"No free lunch theorem In mathematical folklore, the ""no free lunch"" (NFL) theorem (sometimes pluralized) of David Wolpert and William Macready appears in the 1997 ""No Free Lunch Theorems for Optimization"". Wolpert had previously derived no free lunch theorems for machine learning (statistical inference). In 2005, Wolpert and Macready themselves indicated that the first theorem in their paper ""state[s] that any two optimization algorithms are equivalent when their performance is averaged across all possible problems"". The 1997 theorems of Wolpert and Macready are mathematically technical. The folkloric ""no free lunch"" (NFL) theorem is an easily stated and easily understood consequence"
"Jean-François Revel Jean-François Revel (born Jean-François Ricard; 19 January 192430 April 2006) was a French journalist, philosopher, and a member of the Académie française from June 1998 onwards. A socialist in his youth, Revel later became a prominent European proponent of classical liberalism and free market economics. Revel is best known for his books ""Without Marx or Jesus: The New American Revolution Has Begun"", ""The Flight from Truth: The Reign of Deceit in the Age of Information"" and his 2002 book ""Anti-Americanism"", one year after the September 11 attacks of 2001. In the last of these books, Revel criticized anti-Americanism"
"Henry Wallich Henry Christopher Wallich (; June 10, 1914 – September 15, 1988) was a German American economist and central banker. He was a professor of economics at Yale University and a member of the Council of Economic Advisors during the Dwight D. Eisenhower administration. He was best known as an economic columnist for ""Newsweek"" magazine, from 1965 until he joined The Federal Reserve. For a period he wrote one week in three, with Milton Friedman and Paul Samuelson. Wallich was born in Berlin, German Empire. He began 10 years at the Federal Reserve Bank of New York in 1941,"
"Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ""The New York Times"". In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services."
"""Realizing Freedom: Libertarian Theory, History, and Practice"" and a 2nd expanded edition of the book was published later as well. He served as editor for ""The Morality of Capitalism: What Your Professors Won't Tell You"", which was published in 2011 and featured essays from Nobel Prize winners Mario Vargas Llosa and Vernon L. Smith, Whole Foods Market CEO and founder John Mackey, and scholars from around the world. ""After the Welfare State: Politicians Stole Your Future, You Can Get It Back"", published in 2012, was another book for which he served as editor and also contributed essays. Over 150,000 copies"
"is bound to destroy free enterprise-to corrupt free citizens into subjects and slaves."" E. C. Riegel Edwin Clarence Riegel (June 18, 1879 – 1953), generally known as E.C. Riegel, was an American author, consumer advocate and independent scholar who campaigned against restrictions on free markets that harmed consumers and promoted an alternative monetary theory and an early private enterprise currency alternative. Best selling libertarian author Harry Browne, in the introduction to his 1974 book ""You Can Profit from a Monetary Crisis"" described Riegel's book ""The New Approach to Freedom"" as “The best explanation of the free market I've seen."" Author"
"E. C. Riegel Edwin Clarence Riegel (June 18, 1879 – 1953), generally known as E.C. Riegel, was an American author, consumer advocate and independent scholar who campaigned against restrictions on free markets that harmed consumers and promoted an alternative monetary theory and an early private enterprise currency alternative. Best selling libertarian author Harry Browne, in the introduction to his 1974 book ""You Can Profit from a Monetary Crisis"" described Riegel's book ""The New Approach to Freedom"" as “The best explanation of the free market I've seen."" Author David Boyle, devotes a chapter of his book ""The Money Changers: Currency Reform"
"Eugene Fama Eugene Francis ""Gene"" Fama (; born February 14, 1939) is an American economist, best known for his empirical work on portfolio theory, asset pricing, and the efficient-market hypothesis. He is currently Robert R. McCormick Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. In 2013, he shared the Nobel Memorial Prize in Economic Sciences jointly with Robert Shiller and Lars Peter Hansen. The Research Papers in Economics project ranked him as the 11th-most influential economist of all-time based on his academic contributions. (as of 28th of Oct 2018) Fama was born in Boston,"
"crisis is over and it is time for the great reckoning, the lessons of history should inform the arguments about what must change"". The Ascent of Money The Ascent of Money: A Financial History of the World is a 2008 book by Harvard professor Niall Ferguson, and an adapted television documentary for Channel 4 (UK) and PBS (US), which in 2009 won an International Emmy Award. It examines the long history of money, credit, and banking. The book deals with the rise of money as a trade form, and tracks its progression, development, and effects on society into the 21st"
"the use of Giro payments etc. His earlier writings deal chiefly with population and agricultural topics. Georg Friedrich Knapp Georg Friedrich Knapp (; March 7, 1842 – February 20, 1926) was a German economist who in 1905 published ""The State Theory of Money"", which founded the chartalist school of monetary theory, which argues that money's value derives from its issuance by an institutional form of government rather than spontaneously through relations of exchange. Knapp studied in Munich, Berlin. and Göttingen, and in 1867 became director of the Statistical Bureau of Leipzig. In 1869 he was appointed assistant professor of economics"
"Herschel Grossman Herschel Ivan Grossman (6 March 1939 – 9 October 2004) was an economist best known for his work on general disequilibrium with Robert Barro in the 1970s and later work on property rights and the emergence of the state. Grossman received a bachelor of arts from the University of Virginia (1960), a B.Phil. from the University of Oxford (1962), and his Ph.D. from Johns Hopkins University (1965). Grossman collaborated with Barro to produce the influential article ""A General Disequilibrium Model of Income,"" which, for many years, held the distinction of being the most cited article ever published in"
"inefficiently to price rises even in theory. His books include: James Meade James Edward Meade, (23 June 1907 – 22 December 1995) was a British economist and winner of the 1977 Nobel Memorial Prize in Economic Sciences jointly with the Swedish economist Bertil Ohlin for their ""pathbreaking contribution to the theory of international trade and international capital movements."" Meade was born in Swanage, Dorset. He was educated at Malvern College and attended Oriel College, Oxford in 1926 to read Greats, but switched to Philosophy, Politics and Economics and gained an outstanding first. His interest in economics grew from an influential"
"He said Friedman's great popular contribution was ""in convincing people of the importance of allowing free markets to operate."" In 2013 Stephen Moore, a member of the editorial forward of ""The Wall Street Journal"" said, ""Quoting the most-revered champion of free-market economics since Adam Smith has become a little like quoting the Bible."" He adds, ""There are sometimes multiple and conflicting interpretations."" Friedman won the Nobel Memorial Prize in Economic Sciences, the sole recipient for 1976, ""for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy."" Friedman"
"Center. Krugman reports that he is a distant relative of conservative journalist David Frum. He has described himself as a ""Loner. Ordinarily shy. Shy with individuals."" Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ""The New York Times"". In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of"
"is a bibliography of Frisch's writings up to 1960 in and there is a collection of selected essays Ragnar Frisch Ragnar Anton Kittil Frisch (3 March 1895 – 31 January 1973) was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969 (with Jan Tinbergen). He is known for being one of the founders of the discipline of econometrics, and for coining the widely used term pair macroeconomics/microeconomics in 1933. Frisch was appointed by the King-in-Council as Professor of Economics and Statistics at the Faculty of Law, The Royal Frederick University in 1931."
"'Washington Consensus' policy of free markets to be a blend of ideology and bad science. Joseph Stiglitz was awarded the 2001 Nobel Prize in Economic Sciences (shared with George Akerlof and Michael Spence) for demonstrating how information affects markets. Without equal access to information between employer and employee, company and consumer, or (in the IMF's case) lender and debtor, there is no chance of ""free"" markets operating efficiently. (This explanation also owes much to the earlier Nobel work of Kenneth Arrow and Gérard Debreu.) Stiglitz explains that globalization could be either success or failure, depending on its management. There is"
"Truman Bewley Truman Fassett Bewley (born July 19, 1941) is an American economist. He is the Alfred Cowles Professor of Economics at Yale University. Originally specializing in mathematical economics and general equilibrium theory, since the late 1990s Bewley has gained renown for his work on sticky wages. In Bewley's 1999 book ""Why Wages Don't Fall During a Recession"", hundreds of interviews with executives, labor leaders, and other professionals establish morale as an important factor in why businesses are reluctant to decrease employee compensation at times of low demand. In general equilibrium theory, Bewley (1972) established key existence results for models"
"Economics Does Not Lie Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis (""L'Économie ne ment pas""; published in French in 2008) is a non-fiction book by French classical liberal economist and philosopher Guy Sorman. Sorman argues that while the recent world economic recession involved serious problems, it would be a grievous mistake to use the crisis as justification to abandon free market democratic capitalism. Sorman writes that the current system has resulted in huge benefits with about a billion people worldwide lifted out of poverty. Encounter Books published the English-language version of the"