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Money Mischief: Episodes in Monetary History
Friedman makes clear once and for all that no one is immune from monetary economics-that is, from the effects of its theory and its practices. He demonstrates through historical events the mischief that can result from misunderstanding the monetary system. Index.
Paperback, 304 pages
Published
March 31st 1994
by Houghton Mifflin Harcourt
(first published 1992)
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Milton Friedman's account of monetary history in the pre-Industrial to Modern Western world is quite timely in today's fiscal environment. With nation level bailouts becoming all too commonplace in the EU (Greece, Spain, and now Ireland) and the US dollar on the ropes (quantitative easement leading to it being dropped as the world's standard currency) it seems Friedman's predictions regarding the unquenchable desire of modern politicians to fund their political careers through the debasement (i....more
Milton Freidman is a great read. "Money is much too important a matter to be left to central bankers" neatly sums up his perspective on the necessary role government must play in shaping monetary policy. This book explains the symbolic properties (or "myth") of money, touches on the history of the gold and silver standard in the US and abroad, and focuses narrowly on a retrospective analysis of whether US monetary policy made the right decisions with regard to the precious me...more
Very cool stuff. I particularly liked the hypothetical money from the helicopter reasoning flow mental exercises and I of course adored the stone money real situation and the parallel to the France-US incident.
A very smart man who works very hard to convince you that he’s not actually making dumb assumptions (which he is). Not to be confused with his “Monkey Mischief!” series for kids.
This was tough going. Since I don't have an economics background, the detailed explanation of bi-metalism and national economic policy was very difficult for me. The last few chapters on the causes of inflation were quite enlightening. Surprisingly, Friedman uses a quote from John Maynard Keynes, who advised FDR during the Great Depression as a chapter heading: "There is no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the...more
Substantial inflation is always and everywhere a monetary phenomenon. To produce continuing inflation, one requires a printing press on which one can turn out those pieces of paper that we call money. Thus it is folly to blame inflation on anyone but the government.
A metallic standard (gold, silver, or bi-metallic) necessarily introduces volatility to price levels and leads to an inefficient allocation of resources, but it also disciplines the government's printing presses.
...more
A metallic standard (gold, silver, or bi-metallic) necessarily introduces volatility to price levels and leads to an inefficient allocation of resources, but it also disciplines the government's printing presses.
...more
It's a bit technical at times, but he explains why hard currency is so necessary. I greatly admire this man and I love how he exposes fraud
This is an interesting book, but you have to be interested in monetary policy.
Superb non-technical examples of just how much "money matters". Fun reading for economic history types as well as people interested in monetary economics. Leftists may enjoy a good exposition of the monetary policies of 19th century American populists (including William Jennings Bryan).
Jen
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Slow going, not my typical book. Good content though...I gave up half way through.
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Milton Friedman was an American Nobel Laureate economist and public intellectual. He made major contributions to the fields of economics and statistics. In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. He was an advocate of economic free...more
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