false http://photo.goodreads.com/books/1223649702m/7410.jpg 7410 2 <p>Writing in the June 1965 issue of the<i>Economic Journal</i>, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: "The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small . . . monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues."</p><p> Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, <i>The Great Contraction</i>--which Princeton published in 1965 as a separate paperback--they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: "If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger."</p><p> Milton Friedman won the Nobel Prize in Economics in 2000 for work related to <i>A Monetary History</i> as well as to his other Princeton University Press book, <i>A Theory of the Consumption Function</i> (1957).</p> 10533 1963 A Monetary History of the United States 1867-1960 total:25|5:8|4:8|3:7|2:2|1:0| 25 97 89 4 3 0 false false Tue Jan 01 00:00:00 -0800 2008 Mon Nov 23 11:35:08 -0800 2009 Mon Nov 23 11:35:30 -0800 2009 4 0 false false Tue Jul 01 00:00:00 -0700 2008 Tue Apr 15 10:55:39 -0700 2008 Sat Aug 02 13:16:39 -0700 2008 0 0 false false Mon Feb 11 08:58:33 -0800 2008 Wed Feb 11 07:58:12 -0800 2009 Finished ch. 4 - Am now past the 1907 financial crisis.
Finished ch. 5 - Creation of the Federal Reserve System and post WWI crisis.]]> 5 0 false false Fri Feb 22 10:05:13 -0800 2008 Fri Feb 22 10:06:47 -0800 2008 4 0 false false Mon Nov 23 11:50:11 -0800 2009 Mon Nov 23 11:50:11 -0800 2009 0 0 false false Sat Nov 14 10:03:40 -0800 2009 Sat Nov 14 10:03:40 -0800 2009 0 0 false false Thu Oct 22 17:34:34 -0700 2009 Thu Oct 22 17:34:34 -0700 2009 0 0 false false Tue Sep 22 11:17:32 -0700 2009 Tue Sep 22 11:17:32 -0700 2009 0 0 false false Wed Sep 16 09:33:48 -0700 2009 Wed Sep 16 09:33:48 -0700 2009 0 0 false false Tue Aug 25 13:10:32 -0700 2009 Tue Aug 25 13:10:32 -0700 2009 0 0 false false Fri Aug 07 15:23:05 -0700 2009 Fri Aug 07 15:23:05 -0700 2009 0 0 false false Fri Jul 31 13:55:31 -0700 2009 Fri Jul 31 13:55:31 -0700 2009 0 0 false false Wed Jul 29 14:45:34 -0700 2009 Wed Jul 29 14:45:34 -0700 2009 0 0 false false Mon Jul 20 09:58:04 -0700 2009 Mon Jul 20 09:58:04 -0700 2009 0 0 false false Mon Jul 20 06:49:32 -0700 2009 Mon Jul 20 06:49:52 -0700 2009 0 0 false false Thu Jul 16 21:08:33 -0700 2009 Thu Jul 16 21:08:33 -0700 2009 0 0 false false Thu Jul 16 15:41:13 -0700 2009 Thu Jul 16 15:41:13 -0700 2009 0 0 false false Tue Jul 14 09:09:30 -0700 2009 Tue Jul 14 09:09:30 -0700 2009 0 0 false false Mon Jul 06 20:44:56 -0700 2009 Mon Jul 06 20:44:56 -0700 2009 4 0 false false Sat Jul 04 10:44:21 -0700 2009 Sat Jul 04 10:44:21 -0700 2009 http://www.goodreads.com/book_link/follow/8?book_id=7410