Joshua Wojnilower — The Positive Limits and Normative Implications of Milton Friedman's Methodology

In 1953, Milton Friedman set out to establish “The Methodology of Positive Economics” to improve economics’ contribution to determining policy. He believed that “differences about economic policy among disinterested citizens derive predominant from different predictions about the economic consequences of taking action...rather than from fundamental differences in basic values. (p. 2-3)” While the goal was worthy of the task, it becomes clear quite quickly that Friedman’s normative views will shape the discussion.

Bubbles and Busts
The Positive Limits and Normative Implications of Milton Friedman's Methodology
Joshua Wojnilower