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James Forder, What was the message of Friedman’s Presidential Address to the American Economic Association?, Cambridge Journal of Economics, Volume 42, Issue 2, March 2018, Pages 523–541, https://doi.org/10.1093/cje/bex052
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Abstract
It is widely accepted that the importance of Friedman’s Presidential Address to the American Economic Association lies in its criticism of policy based on the Phillips curve. However, it is argued here that a reading of the text does not support such a view, and this and other considerations suggest that any such aim was far from Friedman’s mind in 1967. His objective was the quite different one of making a case for policy ‘rules’ rather than ‘discretion’.
© The Author(s) 2017. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
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