by Milton Friedman
Money Mischief offers a series of historical cases illustrating the powerful effects of monetary policy on economies, often with unintended consequences.
Friedman, a Nobel Prize-winning economist and advocate of free-market capitalism, argues that control of the money supply is crucial in preventing inflation and managing economic stability.
Through historical narratives—such as the inflationary consequences of loose monetary policy in ancient Rome and hyperinflation in 20th-century Latin America—Friedman demonstrates how excessive money printing leads to price increases and economic instability.
He advocates for stable, predictable monetary policy as a way to avoid these crises, challenging the need for active intervention by central banks.
Friedman’s historical approach makes Money Mischief a fascinating look at how monetary policy mistakes can create, or destroy, economic prosperity.