SOURCE: Federal Reserve Bank of Richmond

March 30, 2007 11:46 ET

Richmond Fed's Economic Quarterly Reviews Milton Friedman's Legacy

"The Contributions of Milton Friedman to Economics" by Robert L. Hetzel

RICHMOND, VA -- (MARKET WIRE) -- March 30, 2007 -- Milton Friedman was arguably the most influential economist of the 20th century. He made groundbreaking scientific contributions that changed the way economists approached some of the most important questions in monetary economics and macroeconomics. He also was an ingenious policy analyst, proposing such measures as school choice and the end of the military draft in favor of a volunteer army. Finally, he had a unique ability to make economics accessible to a general audience, through his Newsweek column and countless television appearances. Richmond Fed economist Robert Hetzel, a former student of Friedman, recounts and analyzes his teacher's numerous contributions and puts them in historical perspective.

You can find the full text of this article and others in the latest issue of Economic Quarterly at:

Also in the Winter 2007 issue:

--  "Implications of Some Alternatives to Capital Income Taxation" by
    Kartik B. Athreya and Andrea L. Waddle
--  "Exchange Rates and Business Cycles Across Countries" by Margarida
    Duarte, Diego Restuccia, and Andrea L. Waddle
--  "Optimal Nonlinear Income Taxation with Costly Tax Avoidance" by Borys
The Economic Quarterly is a free publication containing economic analysis pertinent to Federal Reserve monetary and banking policy. For free copies or more information, contact the Federal Reserve Bank of Richmond's Public Affairs office at 804.697.7982.

The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.

Contact Information

  • Contacts:
    John Weinberg
    Director of Research
    Federal Reserve Bank of Richmond

    Kay Haynes
    Managing Editor
    Federal Reserve Bank of Richmond Economic Quarterly
    Email Contact