A monetary history of the United States, 1867-1960
by Milton Friedman · first published 1963
3mentions
0recommended by
3HN commenters
2017–2022first – last mentioned
100% neutral
Historical developments of the last century are explained in terms of monetary theory.
Affiliate links. As an Amazon Associate I earn from qualifying purchases.
…surely was sometime in the past 200 years). The obvious answer is inflation. But why? Why did prices increase over time? What economic pressure caused that? Milton Friedman and Anna Schwartz wrote A Monetary History of the United States, 1867-1960, where they made the claim "inflation is always and everywhere a monetary phenomenon" [1] Thus, the reason why a loaf of bread isn't $0.05 anymore is because of the expansion of money supply, not because…
on “Why we should all have a basic income” ↗According to Wikipedia the most famous book on the depression, Friedman and Schwartz's A Monetary History of the United States, 1867–1960 offers a single cause for the great depression, falling money supply. That might be right or wrong, I don't know. But I know that Housel's "it was a lot of things" is lazy thinking that sounds like wisdom.
on “The Big Lessons from History” ↗…Aftermath. By Ben Bernanke. Lombard Street: A Description of the Money Market. By Walter Bagehot. The Future of Money. By Eswar Prasad. (The following two are mentioned at the end of the article) “A Monetary History of the United States, 1867-1960” by Milton Friedman and Anna Schwartz. “The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster” by Lawrence Ball.
on “What to read to understand central banking” ↗