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History of Political Economy 32:4 (2000) at it. . . . I shall certainly be disappointed if someone doesnât write a rejoinder to it.â1 Some of his opponents reacted more strongly than perhaps he had bargained for. Toward the end of the âmonetarist decadeâ (1975â84), David Hendry and Neil Ericsson presented an explosive critique of Friedman and Anna Schwartzâs Monetary Trends (1982). Titled âAssertion without Empirical Basis,â they concluded that Friedman and Schwartzâs âassertionsâ were âdevoid of credibility. . . . rigorous evaluation of empirical claims seems a necessary ï¬rst step towards taking the con out of economicsâ (1983, 82; 1991). The London Guardian of 15 December 1983 reported the Hendry and Ericsson paper under the title âMonetaristâs guru âdistorts his evidence.ââ Friedman was incensed and wrote to Hendry requesting that he disown the account in the Guardian. But Hendry replied that âif your assertion is true that newspapers have produced âa spate of libellous and slanderousâ articles âimpugning Anna Schwartzâs and [your] honesty and integrityâ then you must have ready recourse to a legal solutionâ (letter from Hendry to Friedman, 13 July 1984, quoted in Hammond 1996, 199). Friedmanâs star rose to spectacular heights following his successful
History of Political Economy – Duke University Press
Published: Dec 1, 2000
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