"The other man of the Great Depression: Milton Friedman’s theoretical findings and policy advices in the light of the Thirties"

 autour de Sylvie Rivot (Université de Mulhouse)

Résumé : Friedman is usually depicted as ‘the’ economist of the 70s, the monetary theorist whose influence inside but also outside the academia should be understood in light of the ‘Great Inflation’ of the time. The historical context of Friedman’s growing success being recognised, the paper argues that Friedman’s theoretical findings and policy proposals cannot be understood but with respect to the deep influence the Great Depression had on him. We first examine some counter arguments to our claim, especially Friedman’s early biography and his arguments about inflation during the 70s. After having accounted for Friedman’s understanding of the Great Depression, we then draw the link between this dramatic episode and the theoretical framework built by Friedman as well as his policy proposals. In conclusion, it appears that the particular historical context that influences the shaping of an economist’s ideas is not necessarily the same as the context of his success, either in the economist’s community or in the public arena.

Zoom : https://zoom.univ-paris1.fr/j/96369954623?pwd=dVRyRDFuNko1Z3cwOXZOVXFsa3FZZz09