Transcription of INFLATION AND UNEMPLOYMENT - Nobel Prize
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INFLATION AND UNEMPLOYMENTN obel Memorial Lecture, December 13, 1976by MILTON FRIEDMANThe University of Chicago, Illinois, USAWhen the Bank of Sweden established the Prize for Economic Science inmemory of Alfred Nobel (1968), there doubtless was - as there doubtless stillremains - widespread skepticism among both scientists and the broader publicabout the appropriateness of treating economics as parallel to physics, chem- istry , and medicine. These are regarded as exact sciences in which objective,cumulative, definitive knowledge is possible. Economics, and its fellow socialsciences, are regarded more nearly as branches of philosophy than of scienceproperly defined, enmeshed with values at the outset because they deal withhuman behavior. Do not the social sciences, in which scholars are analyzingthe behavior of themselves and their fellow men, who are in turn observing andreacting to what the scholars say, require fundamentally different methods ofinvestigation than the physical and biological sciences?
about the appropriateness of treating economics as parallel to physics, chem-istry, and medicine. These are regarded as“exact sciences” in which objective, cumulative, definitive knowledge is possible. Economics, and its fellow social sciences, are regarded more nearly as branches of philosophy than of science
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