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Milton Friedman Bleg


Tags Calculation and Knowledge


Milton Friedman's best-known technical works are his Theory of the Consumption function (1957) and the Monetary History of the United States (with Anna Schwartz, 1963). But it is rarely mentioned that Friedman won the John Bates Clark Award (given by the AEA every two years to the best American economist under 40) in 1951, years before these works appeared. Friedman published a dozen or so papers in the top journals in the mid-to-late 1940s on monetary and utility theory (including the famous 1948 paper on risk with Savage) but I do not have a good sense of their importance and influence. I cannot find any text or citation for the Clark Award to see how the AEA's awards committee characterized his contributions up to that point. Does anybody know?

Peter G. Klein is Carl Menger Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University's Hankamer School of Business.

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