Jennifer Burns

“Friedman’s version diverged from the general departmental approach. Rather than being a closed community, Money and Banking was open to bystanders and visiting scholars. Unlike other workshop leaders, Friedman did not allow the featured scholar to present. Instead, he led a discussion through the paper, page by page. The overall gist of the workshop was simple, according to one participant: “prove it.” In this hothouse environment student research grew into papers, and then dissertations. For Friedman, the workshop became an essential forum to test, refine, and expand his ideas about money, while forming a school of rising scholars steeped in his approach to the subject.33 Friedman saw a direct link between his research, his students, and what he called “an aberrant tradition” of Chicago monetary economics, focused on the quantity theory of money. In a 1956 volume, he celebrated the “subtle and relevant version” of quantity theory developed at Chicago in the Depression era by Simons, Mints, Knight, and Viner. This version of the quantity theory, Friedman argued, was “a flexible and sensitive tool for interpreting movements in aggregate economic activity and for developing relevant policy prescriptions.” Here, he was no doubt referring to the 1933 Chicago plan, the department’s response to the Great Depression.”
― Jennifer Burns, Milton Friedman: The Last Conservative

“Everything reminds Milton of the money supply. Well everything reminds me of sex, but I keep it out of the paper. —ROBERT SOLOW, 1966”
― Jennifer Burns, Milton Friedman: The Last Conservative