ABSTRACT
Milton Friedman was one of the most famous economists of the twentieth century and received numerous honors, including a Nobel Prize in 1976. His focus on monetary policy and the quantity theory of money was particularly attractive in an age of inflation. Friedman's counterrevolution would not be complete, however, without the help of another revolutionary development in the late 1980s and early 1990s. In the late 1950s, journalist Henry Hazlitt was dismayed by the failure of free-market economists to displace John Maynard Keynes in the classroom. Following Hazlitt, libertarian economist Murray N. Rothbard took up the task of defeating Keynesianism in the early 1960s. Henry Simons emphasized a government policy of "rules over authority," a tradition Friedman built upon. Capitalism and Freedom, Friedman's first attempt to introduce the principles of the free market to the general public, was written after a series of lectures he gave at Wabash College.
