Milton Friedman, 1912–2006
Polemicist, scholar, and giant of twentieth–century economics
Brian Snowdon & Howard R. Vane
“Milton Friedman is best known as the founding father and leading exponent of the monetarist school of macroeconomic thought, and for championing the case for the efficacy of free markets in a wide variety of contexts. Without doubt, Friedman’s ideas have influenced the research agenda of a whole generation of economists as well as those who influence public policy throughout the world. Friedman’s extraordinary gifts of communicating complicated ideas allowed him to become one of the very few economists who are well known outside the economics profession. As well as his many scientific contributions, Friedman sought to communicate his views on a wide range of issues to non-economists. His gift for writing about topics in applied economics, accessible to a mass audience, established Friedman as one of the world’s most famous economists. Throughout his professional academic life, because of his high public profile, the ideas of Milton Friedman certainly aroused strong reactions from both opponents and supporters, and, until very recently, with respect to many of his ideas, he swam against a strong and extremely hostile tide of opinion. However, whatever view is held about Friedman’s libertarian political and economic philosophy, most commentators would agree that his recent passing brings to an end the life of the last great economist guru of the twentieth century”
What Future for Central Banks?
Howard Davies
Education in a Globalized World
David E. Bloom
Running the IMF- Reducing political bias and increasing independence
Graham Bird
“Increasing concern has been expressed by both scholars and officials about political bias and influence in the IMF. This is seen as threatening the effectiveness of the institution. But how can the problem be resolved? One way would be to try to create greater political balance by changing quotas and therefore voting rights. In limited form, this is the approach that was adopted at the Fund’s Annual Meetings in Singapore in September 2006. The article critically examines this option. It goes on to explore the idea of granting greater independence to the Fund. Although far from straightforward, it may be sensible for policy to begin to work towards this objective. However, IMF independence would also force the world to decide what purposes the Fund should fulfil and what instruments it would need in order to fit these purposes.”
Agricultural Reform and Trade Negotiations- Can the Doha Round deliver?
Kimberly Ann Elliott
Hosting the FIFA World Cup- Economic boon or winner’s curse?
Brian Sturgess & Chris Brady
Countries often compete fiercely for the right to host the football FIFA World Cup finals, but apart from national prestige, are there any concrete economic benefits to be gained from hosting sporting events such as the Olympics or the World Cup? The evidence is mixed. Many estimates suggest that large gains in employment and a boost to economic growth result. Some economists conclude that the net economic impact arising from a boost to aggregate demand is often negligible or even negative. This paper surveys a range of studies assessing the macroeconomic impact of hosting the finals. The authors argue that it is inappropriate to rely on measures of the economic impact that are concerned only with the effect on macroeconomic variables to decide whether a bid should be made or not, since hosting events can have major effects on the structures of the football market and related industries
CLIMATE CHANGE
The Stern Review, described as the most comprehensive review ever carried out on the economics of climate change, was published on 30 October 2006. Two critiques of the Review follow. The first comprises a set of papers from a combined team of scientists and economists, while the second is an article contributed by two economists. Responses to these critiques have been invited to appear in a future issue.
The Stern Review: A Dual Critique
A Review of the Stern Review
Richard S. J. Tol & Gary W. Yohe
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