To celebrate the forthcoming book, "A brief history of Economic Thought: From the Mercantilists to the Post-Keynesians", edited by Louis-Philippe Rochon and Hassan Bougrine (Edward Elgar), Louis-Philippe Rochon sat down with celebrated author and scholar Sergio Rossi to discuss his contribution "Milton Friedman and the Monetarist School".
As one of the founders of the Chicago School of Economics and monetarist thinking, Milton Friedman has been one of the most influential economists of the twentieth century. The "Chicago Boy" developed a model where inflation is "always and everywhere a monetary phenomenon", which called for a rule-bound monetary policy to focus exclusively on inflation, if necessary to the detriment of employment. In this video, the economist Sergio Rossi describes how Friedman contested the legacy of Keynes and provides a Post-Keynesian critique of the implementation of the monetarist doctrine. The last question (minute 17:30) asked by Louis-Philippe Rochon relates to the legacy of Friedman himself today, to which Rossi answers by describing the two areas of the academic world and economic policy.