Nicholas Wapshott on Samuelson and Friedman

Nicholas Wapshott's book explores the contrasting economic philosophies of Keynes and Hayek, highlighting their debates on government intervention and free markets. It delves into how their ideas influenced economic policies globally, particularly during times of economic turmoil like the Great Depression and the 2008 financial crisis. The book provides a balanced view of both economists' contributions to modern economic thought.

This book by Nicholas Wapshott explores the decades-long debate between Paul Samuelson, a leading figure in Keynesian economics, and Milton Friedman, a champion of monetarism. Their intellectual battles reflect the broader economic turmoil of the United States during the latter half of the 20th century. The book highlights their contrasting views on government intervention in the economy and how these debates continue to influence economic policy today.

This book, written by Milton Friedman and Anna J. Schwartz, is a landmark work in economic history. It argues that changes in the money supply profoundly influenced the U.S. economy, particularly during significant economic events such as the Great Depression. The authors criticize the Federal Reserve for its handling of monetary policy, especially during the Great Depression, and emphasize the importance of steady control of the money supply in managing economic fluctuations. The book also discusses the role of the gold standard, the impact of bank failures, and the decision-making processes within the Federal Reserve.

First published in 1947, 'Foundations of Economic Analysis' by Paul A. Samuelson is a groundbreaking treatise that has undergone several reprintings and translations. The book integrates classical and modern economic theories, providing a comprehensive framework for economic analysis. It includes a new introduction that discusses the book's genesis and its contributions to theoretical developments over the past thirty-five years. The mathematical appendix covers post-1947 breakthroughs in political economy, including linear and nonlinear programming, dynamic and stochastic analysis, modern duality theory, and probabilistic decision making. This work is highly regarded for its scientific rigor and has significantly elevated the level of analysis in economic theory.

In this influential book, Milton Friedman discusses the role of economic capitalism in a liberal society. He argues that economic freedom is a precondition for political freedom and advocates for limited government intervention. The book covers various topics, including the relation between economic and political freedom, the role of government in a free society, monetary policy, international trade arrangements, and the role of government in education. Friedman's work has been highly influential in economic theory and policymaking, and the book has been translated into eighteen languages and sold over half a million copies since its publication in 1962.

In this book, Milton and Rose Friedman argue that free-market principles are more effective than government intervention in achieving economic prosperity and personal freedom. They critique the explosion of laws, regulations, agencies, and spending in Washington, highlighting how these have eroded freedom and undermined affluence. The book provides examples of how free markets have succeeded in various historical contexts, such as Hong Kong and the United States before the Great Depression, and contrasts these with the failures of centralized planning in countries like India. The authors also propose remedies for various economic and social issues, including education, inflation, and consumer protection, advocating for a minimalist economic policy and greater personal freedom.