By Milton Friedman,Anna Jacobson Schwartz
Writing within the June 1965 factor of theEconomic Journal, Harry G. Johnson starts off with a sentence likely calibrated to the size of the publication he set himself to study: "The long-awaited financial background of the U.S. via Friedman and Schwartz is in each experience of the time period a huge scholarly achievement--monumental in its sheer bulk, huge within the definitiveness of its therapy of innumerable matters, huge and small . . . huge, chiefly, within the theoretical and statistical attempt and ingenuity which have been delivered to endure at the resolution of complicated and sophisticated financial issues."
Friedman and Schwartz marshaled monstrous historic info and sharp analytics to help the declare that financial policy--steady keep an eye on of the money supply--matters profoundly within the administration of the nation's financial system, particularly in navigating critical financial fluctuations. of their influential bankruptcy 7, The nice Contraction--which Princeton released in 1965 as a separate paperback--they handle the crucial financial occasion of the century, the melancholy. in line with Hugh Rockoff, writing in January 1965: "If nice Depressions might be avoided via well timed activities via the financial authority (or by means of a financial rule), as Friedman and Schwartz had contended, then the case for marketplace economies used to be measurably stronger."
Milton Friedman gained the Nobel Prize in Economics in 1976 for paintings regarding A financial History in addition to to his different Princeton collage Press publication, A thought of the intake Function (1957).
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A Monetary History of the United States, 1867-1960 (National Bureau of Economic Research Publications) by Milton Friedman,Anna Jacobson Schwartz