Milton Friedman has been the prime theorist behind the emergence of monetarism and has contributed significantly to the development of monetary theory, for example, with his quantity theory of money. Moreover his advocacy has had considerable impact in winning policy makers over to monetary policies. On the faculty of the University of Chicago from 1946 to 1979, he was awarded the Nobel Prize for Economics in 1976. In addition, he has made important contributions to the theory of distribution, to the theory of consumption functions, and, controversially, to methodological debates. Like the other volumes of the series, this third addition presents a selection of the critical literature commenting on the life and works of a major economist. It thereby gives students of economics and economic thought immediate access to Milton Friedman's contributions and shows how his work has been received and modified by others.