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Money Mischief: Episodes in Monetary History Paperback – March 31, 1994

by Milton Friedman (Author)
4.5 4.5 out of 5 stars 302 ratings
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"A lively, enlightening introduction to monetary history…from monetarism's most articulate apostle."—Kirkus Reviews"The Oliver Stone of economics" (Chicago Tribune), Nobel Prize laureate Milton Friedman makes clear once and for all that no one, from the local corner merchant to the Wall Street banker to the president of the United States, is immune from monetary economics. In Money Mischief, Friedman discusses the creation of value: from stones to feathers to gold. He outlines the central role of monetary theory and shows how it can act to ignite or deepen inflation. Through colorful historical episodes, he demonstrates the mischief that can result from a misunderstanding of monetary economics — how, for example, the work of two obscure Scottish chemists destroyed the presidential prospects of William Jennings Bryan and how Franklin D. Roosevelt's decision to appease a few senators from the American West helped communism triumph in China. And he explains, in plain English, what the present monetary system in the United States means for your paycheck and your savings as well as for the global economy.
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  1. Print length
    304 pages
  2. Language
    English
  3. Publication date
    March 31, 1994
  4. Dimensions
    5.31 x 0.75 x 8 inches
  5. ISBN-10
    015661930X
  6. ISBN-13
    978-0156619301
  7. See all details
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Editorial Reviews

About the Author

MILTON FRIEDMAN (1912–2006), Nobel laureate economist and former presidential adviser, was the author of a number of books, including Capitalism and Freedom and Tyranny of the Status Quo, also written with his wife, Rose Friedman (1910–2009).

Product details

  • Publisher ‏ : ‎ Mariner Books; First Edition (March 31, 1994)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 015661930X
  • ISBN-13 ‏ : ‎ 978-0156619301
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 5.31 x 0.75 x 8 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 302 ratings

About the author

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Milton Friedman

Milton Friedman

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Milton Friedman is a senior research fellow at the Hoover Institution, Stanford University, and the Paul Snowden Distinguished Service Professor Emeritus of Economics at the University of Chicago. In 1976 he was awarded the Nobel Prize in economics. He has written a number of books, including two with his wife, Rose D. Friedman---the bestselling Free to Choose and Two Lucky People: Memoirs, the latter published by the University of Chicago Press.

Photo by The Friedman Foundation for Educational Choice (RobertHannah89) [CC0], via Wikimedia Commons.

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4.5 out of 5 stars
4.5 out of 5
302 global ratings

Top reviews from the United States

Karl Graves
5.0 out of 5 stars Fine book
Reviewed in the United States on May 25, 2022
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Interesting history of bimetallic currency standard in the US in the 19th century. I feel that he exaggerates the extent to which FDR's silver policy led to Maoism - Mao probably would have come to power anyway - but he's probably right about the pain it inflicted on China in the mid 1930s.
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Terry F
5.0 out of 5 stars Excellent review of so many manmade financial disasters
Reviewed in the United States on March 4, 2023
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Milton Friedman is a giant in the field of Economics. This book briefly covers monetary history which sets a backdrop to some huge financial disasters. As always, it is the little guy who gets hurt when governments print money faster than the country's output rises. Though written in 1991 and covering the inflationary spending disasters in the US and Europe in the 70s, and 80s, it remains germane for today's financial disasters in the US and elsewhere. Especially important is chapter eight "The Cause and Cure of Inflation". It is spot on in its description of how inflation starts, why it increases, and why it is hard to stop. And it provides the only cure. Reduce the money supply.

Today, in the US, the federal government causes inflation by spending trillions it does not have, which really hurts the middle class. Then, their solution is to raise interest rates, which also hurts the middle class. And so much of that spending was wasted on nonsensical junk projects, that will never payoff. We have saddled the coming generations with 30+ trillions of debts, and by 2030, it will likely be $50T.

Economists define inflation (simply) as too much money, chasing too few goods. They never tell us where the excess money comes from. They blame us, the middle class. We can’t increase the money supply. Greedy companies cannot increase the money supply. Big unions can’t increase the money supply. The only entities that can increase the money supply are governments. And that they do eagerly. In the US, that is done by the Federal Reserve. We are in for a bumpy future.

This work is timeless.
10 people found this helpful
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Omer Belsky
4.0 out of 5 stars The Power of Monetary Thinking
Reviewed in the United States on March 11, 2004
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In his best selling study, Robert L. Heilbroner calls Economists 'The worldly philosophers'. That description certainly captures what Milton Friedman does in this book - he takes the seemingly simple concept of money, the unit of exchange we use daily and rarely reflect upon, and demonstrates how complicated the issues regarding it are.

(As an interesting aside, Heilbroner's original title for his book was 'the money philosophers' - a definition that fits Friedman in this book even better then his chosen title, even if it is too narrow to account for all of economics).
More then half of this collection of essays is about the so-called 'Crime of 1873' - America's decision, following the issuance of fiat money (that is, money irredeemable in specie) during the Civil War, to peg the dollar not to both silver and gold, but to gold alone. This seemingly arcane and academic topic was a major political issue in the 1880s and 90s, climaxing with the nomination of the silver Democrat, William Jennings Bryan to the presidency of the United States in 1896.
As the Unites States, along with most other 19th century nations such as Germany and France, followed Great Britain in adopting the gold standard, the price of gold rose in terms of other resources, so prices went down. Therefore there was a severe deflation causing much unrest and discontent.
The cure to the deflation came not through political or monetary means, however, but because of an invention of a method to extract gold from low grade ore. This increased the supply of gold, lowered its prices. Hence stopping the deflation, and killing the presidential ambitions of William Jennings Bryan.
The rest of the book describes various issues, from FDR's decision to 'help silver' which helped Communism in China instead (by increasing the cost of silver, overvaluing the Chinese currency and thus hurting Chinese exports and undermining the Chinese economy), to the policy of pegging a currency to the dollar (not a good idea as it subjects the country to the whims of the world economy. The policy was a grave failure to Chile and a great success to Israel, due entirely to external changes in the value of the dollar).
The theme of the later parts of the book is undoubtedly inflation. Friedman demonstrates his claim that inflation is "always and everywhere a monetary phenomenon" (p.104). Inflation is caused by government increasing the money supply, although one time price increases may be caused by unfortunate outside events (like Arabs reduction of the exportation of oil in the early 1979s).
Although Friedman is well known as an economic right winger, there is nothing in this account that should be displeasing to anyone from the left - Friedman's case is against mismanagement, not for small or big governments. Nor is there any argument about whether government spending should go to the military, to welfare, or to any other cause. Although Friedman's book is filled with stories of the political economy, its moral is politically neutral. Indeed, Friedman clearly discusses how inflation is often used by governments because direct taxation is unpopular (p.205) - can you say "read my lips, no new taxes"?
Furthermore, the economic analysis of some reviewers in Amazon is shaky. Friedman writes "all these adjustments [the negative effects of inflation] are set in motion by changes in the rates of monetary growth and inflation. If monetary growth was high but steady... the economy would adjust to it. ... Such an inflation would do no great harm " (p.222).
Although Friedman does not like inflation, he actually makes a case for it, at least at a low single digit level. Since people are usually sellers of few things and purchasers of many, they are more aware of the increase in the price of the commodity they sell then they are of the increase of general prices, especially when those changes are low. People like to see their income go up, as they feel it is a just reward for their efforts (p. 70).
'Money Mischief' is an interesting, challenging book. Its chapters vary from the extremely technical and difficult, (notably chapter 4, a counter-factual exercise estimating the effect of continuing bimetallism after 1873), to 'pop economics' chapters which are no less enlightening and easier to read.
The book ends with a discussion of the new experiment started in the 1970s - currency which is entirely unredeemable by any kind of good. Earlier economists thought that this was impossible, and would necessarily lead to high inflation, but Friedman is optimistic - he believes that aware and well informed public and decision makers can pressure the government against unduly increasing the money supply. Thus, widespread understanding of economics is the real cure for inflation.
148 people found this helpful
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Tanya Yordanova Penkovska
5.0 out of 5 stars Very simple and clear explanation of monetary ideas
Reviewed in the United States on March 17, 2010
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This book from Milton Friedman is the first one I read from him, although I've watched a lot of videos at youtube and other online channels with him. The monetary things are explained in his simple and clear style and while reading I get insights about things that were very messed up in my head before that. Highly recommend for general understanding of the problems of today's society like inflation, goverment regulations and policies and money. There are also some description of how the FED and the other central banks function, as well as general explanation of what money are. There are 2-3 chapters that are targeted at more experienced economists with some math formulas and statistics but in general the book is not scientific and is contributing to each mind that reads it.
5 people found this helpful
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Top reviews from other countries

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Gaetano Fornelli
5.0 out of 5 stars Classico, imperdibile
Reviewed in Italy on April 7, 2023
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Un testo ormai classico, cibo per la mente di chi vuole capire concetti e fenomeni economici fondamentali.
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TRESSEL John
2.0 out of 5 stars Must have big head to understand
Reviewed in France on October 8, 2019
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Intellectualism isn't bad but down-speaking to people isn't good. Too complicated.
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Jonathan Gauthier
5.0 out of 5 stars Central
Reviewed in Canada on December 23, 2013
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Probably the most useful book to understand the current monetary policy challenges, and Mr Bernanke's views and medicine required.
highly recommended.
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Manorly
3.0 out of 5 stars Money Mischief by Milton Friedman
Reviewed in Canada on July 31, 2012
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A book that is interesting more than entertaining, and certainly the reader needs to be focused when reading its contents . . . without background distractions such as radio, television, family or friends.
It offers an interesting foundation for understanding how governments can work/manipulate their economies and how economic history does repeat itself. Mr. Friedman, a remarkable author, is never-the-less an economist having established illustrative models based on assumptions that are indeed "academic". Still, the work is insightful.
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Karl Hillyard
3.0 out of 5 stars It's OK but....
Reviewed in Canada on January 2, 2016
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There is a lot of good information here. However it almost seems like Friedman is trying to make a technical, easy read. Like most things that are neither fish nor fowl it is merely OK
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