November 05, 2002

This week the University of Chicago is throwing a huge party celebrating Milton Friedman 90th birthday. Anticipating this event, thirty years ago we enrolled in the school’s Ph.D. program. Our foresight proved accurate and the much-anticipated invitation arrived a few weeks ago. Since the receipt of the invitation we have been thinking quite a bit about the influence that Milton has had in several generations of economists, in particular, the version of Supply-Side economics in which we were lucky enough to participate. While not everything was accepted verbatim, the roots of the Supply-Side monetary views can be traced to Friedman’s brand of monetarism. Two major pieces immediately come to mind as being the most influential: his American Economic Association (AEA) presidential address; and his essay on the Optimum Quantity Theory of Money.

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