Inscribed by the author: Alex C. Walker Memorial Lecture, delivered by Milton Friedman, 5 December 1974.

Friedman, Milton. Is Inflation a Curable Disease?

Pittsburgh, PA, University of Pittsburgh, 1974.

8vo. (2), 22 pp. Original printed wrappers, wire-stitched as issued.


First edition. Inscribed by the author, "For Scott, Milton Friedman" in black ink to the title-page.

A lecture delivered by the great American monetarist economist Milton Friedman two years before he was awarded the Nobel Prize. Friedman's lecture was delivered at the height of the the great inflationary recession of 1974/75, when both inflation and unemployment reached new highs in most OECD countries. Friedman's thesis is simple: "There has never been a long, continued period of substantial inflation which has not been accompanied by a more rapid increase in the quantity of money than in output. There has never been a rapid increase in the quantity of money relative to output that has not been accompanied by inflation" (p. 3).

The influence of Friedman's work on inflation was huge and, "like Keynes's General Theory, it was one of the very few contributions that changed both the approach of professional economists and the policies adopted by finance ministers" (New Palgrave).

A near fine copy.