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Review Assignment on Milton Friedman, A Monetary and Fiscal Framework for EconomicStability
Milton Friedman, one of the leading economists in the post-WW II period, lays out a restricted set
of government policies that leave little room for discretionary policy. The paper offers a proposal –
“The Proposal”, in fact. Get to the core of that proposal. Keep in mind that Friedman makes this
proposal in a context in which another type of economic policy is more popular. The article does
not offer lots (if any) references to what that prevailing view is – note that this is quite different
from the other classic texts, in which it was at times difficult to see the forest-economic idea for the
ancient economists-trees. Try to figure out what it is. The questions below will help you with that.
The answers are tentative and only meant to assist you in understanding the chapters. They provide
you with key insights into the text containing the main ideas, which will help to study for the exam.
Questions
1. What, do you think, is the difference between problems around “the allocation of
resources” and “cyclical movements”? Which economists would you associate with one
and the other?
2. What three basic objectives does Friedman state are shared by most economists?
3. Which three specific propositions does Friedman find particularly relevant? Do you
agree that those three propositions follow from the three basic objectives? What does
Friedman put between to go from the first to the second set of three?
4. What is “The Proposal”? Identify its four components.
5. How does the proposal operate?
6. Why is Friedman’s proposal still good when there are price rigidities and (other)
response lags?
7. What is the core beauty, according to Friedman, of his proposal if prices are flexible
and lags in response minor?
Review
In this review you summarize the main ideas of the article. It will help you to prepare for the
presentation and the exam. Note that a review is a formal text. That means that your tone of voice
should be concise and to-the-point. Be as factual as possible and avoid biased language. Always
check your text before you hand it in. Be aware that this is an individual assignment: you are not
allowed to do the assignment together and the writing has to be yours alone and original. The use
of AI is also not permitted: you are not allowed to use AI to generate or re-write your text.
Established plagiarism will always be reported to the Examinations Board and will have serious
consequences!
Review requirements
• Length review: 300 words (10% deviation allowed); write down the word count at the end
of the document (title and reference list are not included in the word count)
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