During the middle third of the twentieth century, the ideas of John Maynard Keynes and those who described themselves as “Keynesians” acquired a profound influence over both the economics profession and the macroeconomic policy process. After the publication of Milton Friedman’s (1956) Studies in the Quantity Theory of Money, Keynesians were obliged to compete with “monetarists” for policy and intellectual influence. These two volumes examine aspects of this counter-revolution by focusing on Friedman’s claim that he was merely formalising the macroeconomic ideas of the first generation Chicago School, at whose “feet” he “sat” in 1932-3 and 1934-5 (Friedman chapter 7 [1972/1974], 163).
Leeson, R. (2003). The initial controversy - Introduction. In R. Leeson (Ed), Keynes, Chicago and Friedman, Vol 1 (1). London, United Kingdom: Pickering & Chatto Publishers.