MILTON FRIEDMAN ECONOMICS IN RELATION TO FRIEDRICH von HAYEK WORK.: PCAV.

MILTON FRIEDMAN ECONOMICS  IN RELATION TO 

FRIEDRICH von HAYEK WORK.

Milton Friedman ( 1912-2006 ). Premio Nobel 1976

1. Uno de los más importantes economistas de la segunda mitad del siglo XX. Premio Nobel de Economía en 1976 "por sus resultados en los campos del análisis del consumo, historia y teoría monetaria y por su demostración de la complejidad de la política de estabilización". Milton Friedman fue un monetarista. Se opuso al keynesianismo en el momento de máximo apogeo de éste, en los años cincuenta y sesenta.

2. Su explicación de la demanda de dinero (1956) es bastante más elegante, completa y contrastable que muchas anteriores. Para Friedman, la demanda de dinero es función de la proporción entre la riqueza humana y no humana, el tipo de interés nominal, la inflación esperada, el nivel de precios real, la función de preferencia del dinero ante otros bienes y, naturalmente, de la renta. Pero a diferencia de Keynes, Friedman, más centrado en dar una explicación a largo plazo, considera la renta permanente; es decir, el valor actualizado a fecha actual de los capitales futuros originados de un stock de riqueza dado. Stock que engloba no sólo aspectos cuantitativos o materiales, sino también

3. Otra aporte de Friedman es la revisión de la curva de Phillips, de inspiración keynesiana, que relaciona inversamente niveles de paro e inflación. Considera Friedman que el paro sería voluntario de no ser por la existencia de una tasa de paro natural.

4. En consecuencia, el éxito de la intervención de los gobiernos es muy limitado, y lo que deben de hacer es eliminar las restricciones que impiden que la tasa de paro natural se instale en una cota más reducida. Con este análisis Friedman consiguió tres importantes logros. El primero de ellos, dar una explicación anticipada a lo que después sucedería con las crisis del petróleo. El segundo, demostrar que la política monetaria tiene efectos reales (sobre el empleo) a corto plazo, pero a largo plazo sólo tiene efectos nominales (sobre los precios). El tercero, sentar las bases de posteriores desarrollos basados en la hipótesis de expectativas racionales, y no adaptativas como hasta entonces.

5. Friedman consideraba que, al igual que una política monetaria expansiva puede crear crisis económicas, una política restrictiva también puede ser perjudicial, mediante una deflación de precios. Así lo puso de manifiesto en 1963 cuando publicó, junto a Anna Schwartz, un voluminoso tomo llamado "A Monetary History of the United States, 1897-1958". Donde argumenta que la Gran Depresión fue consecuencia de la implantación de políticas equivocadas por parte de la Reserva Federal.

6. Defensor de la libertad individual, propugnó medidas de corte liberal. Una de ellas fue el establecimiento del bono educativo, en la idea de incentivar la demanda educativa según las preferencias de los padres. Propuso la flexibilización de precios, desregulaciones y privatizaciones, sistemas de pensiones individualizadas. 

7. Friedman nació en el barrio neoyorquino de Brooklyn el 31 de julio de 1912. En 1968 presentó su tesis. Profesor de la Universidad de Chicago desde 1946 a 1976.También dio clases en las universidades de Wisconsin, Princeton, Columbia y Stanford. En 1977 se jubiló de su labor docente. Asesoró a multitud de gobiernos, muchos de los cuales aplicaron sus propuestas. 

⦁ Why Government Is the Problem (Essays in Public Policy, No 39) por Milton Friedman "Profiles: Ludwig von Mises". Mises Institutes. 28 July 2014.

⦁ Hayek, Friedrich A. (2012). "The Transmission of the Ideals of Economic Freedom". Econ Journal Watch. 9 (2): 163–69.

⦁ Mises, Ludwig von (2013). Notes and Recollections. http://lf-oll.s3.amazonaws.com/titles/2603/Mises_Recollections_LFeBK.pdf: Liberty Fund. p. 69. ISBN 978-0-86597-853-9.

⦁ Foreign Economic Aid: Means and Objectives (Essays in Public Policy, No 60) por Milton Friedman y Peter Duignan

⦁ Program for Monetary Stability por Milton Friedman

⦁ Essays in Positive Economics por Milton Friedman

 https://www.eumed.net/cursecon/economistas/Friedman.htm

Ludwig Heinrich Edler von Mises. 

A. (German:]; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, and sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology, a study of human choice and action.

B. Mises emigrated from Austria to the United States in 1940. Since the mid-20th century, libertarian movements have been strongly influenced by Mises's writings. Mises's student Friedrich Hayek viewed Mises as one of the major figures in the revival of classical liberalism in the post-war era. Hayek's work "The Transmission of the Ideals of Freedom" (1951) pays high tribute to the influence of Mises in the 20th-century libertarian movement.

C. Mises's Private Seminar was a leading group of economists. Many of its alumni, including Hayek and Oskar Morgenstern, emigrated from Austria to the United States and Great Britain. Mises has been described as having approximately seventy close students in Austria. The Ludwig von Mises Institute was founded in the United States to continue his teachings.

D. In 1940, Mises and his wife fled the German advance in Europe and emigrated to New York City in the United States.: xi He had come to the United States under a grant by the Rockefeller Foundation. 

E. For part of this period, Mises studied currency issues for the Pan-Europa movement, which was led by Richard von Coudenhove-Kalergi, a fellow New York University faculty member and Austrian exile. In 1947, Mises became one of the founding members of the Mont Pelerin Society.

F. In 1962, Mises received the Austrian Decoration for Science and Art for the political economy at the Austrian Embassy in Washington, D.C.:1034. Mises wrote and lectured extensively on behalf of classical liberalism. In his magnum opus Human Action, Mises adopted praxeology as a general conceptual foundation of the social sciences and set forth his methodological approach to economics.

G. Mises was for economic non-interventionism and was an anti-imperialist. He referred to the Great War as such a watershed event in human history and wrote that "war has become more fearful and destructive than ever before because it is now waged with all the means of the highly developed technique that the free economy has created. 

H. In 1920, Mises introduced in an article his Economic Calculation Problem as a critique of socialisms that are based on planned economies and renunciations of the price mechanism. In his first article "Economic Calculation in the Socialist Commonwealth", Mises describes the nature of the price system under capitalism and describes how individual subjective values are translated into the objective information necessary for rational allocation of resources in society.

I. Economist and political theorist Friedrich Hayek first came to know Mises while working as his subordinate at a government office dealing with Austria's post-World War I debt. While toasting Mises at a party in 1956, Hayek said: "I came to know him as one of the best-educated and informed men I have ever known". Mises's seminars in Vienna fostered lively discussion among established economists there. 

J. At his New York University seminar and at informal meetings at his apartment, Mises attracted college and high school students who had heard of his European reputation. They listened while he gave carefully prepared lectures from notes.

Debates about Mises's arguments

K. Economic historian Bruce Caldwell wrote that in the mid-20th century, with the ascendance of positivism and Keynesianism.

L. Scholar Scott Scheall called economist Terence Hutchison "the most persistent critic of Mises's apriorism",[36]:233 starting in Hutchison's 1938 book The Significance and Basic Postulates of Economic Theory and in later publications such as his 1981 book The Politics and Philosophy of Economics: Marxians, Keynesians, and Austrians. Scheall noted that Friedrich Hayek, later in his life (after Mises died), also expressed reservations about Mises's apriorism, such as in a 1978 interview where Hayek said that he "never could accept the ... almost eighteenth-century rationalism in his [Mises's] argument".

M. In a 1978 interview, Hayek said about Mises's book Socialism: At first, we all felt he was frightfully exaggerating and even offensive in tone. You see, he hurt all our deepest feelings, but gradually he won us around, although for a long time I had to – I just learned he was usually right in his conclusions, but I was not completely satisfied with his argument. Economist Milton Friedman considered Mises inflexible in his thinking:

⦁ "Profiles: Ludwig von Mises". Mises Institutes. 28 July 2014.
⦁ Hayek, Friedrich A. (2012). "The Transmission of the Ideals of Economic Freedom". Econ Journal Watch. 9 (2): 163–69.
⦁ Mises, Ludwig von (2013). Notes and Recollections. http://lf-oll.s3.amazonaws.com/titles/2603/Mises_Recollections_LFeBK.pdf: Liberty Fund. p. 69. ISBN 978-0-86597-853-9.