[One Sip of a Book] The 18-Year Duel: Samuelson vs Friedman

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This is a history of economic debates covering the confrontation between Paul Samuelson, the father of modern economics, and Milton Friedman, a leading figure of liberal economics. This confrontation ignited in 1966 when the two began alternating columns, and it continued for a long 18 years. From their seemingly similar yet different personal backgrounds to their irreconcilable academic conflicts, the book contains fascinating stories about these two brilliant economists who faced off sharply. The author, Nicholas Wapshott, previously vividly recreated the legendary rivalry between John Maynard Keynes and Friedrich Hayek, who battled across Europe in the early 20th century, in his earlier work "Keynes Hayek." This follow-up book shows the scene of the second act of the even fiercer and more persistent legendary confrontation that took place mainly in the United States in the latter half of the 20th century.

The difference in Samuelson's and Friedman's views on the market's capabilities stemmed from fundamental philosophical differences, making it difficult to narrow this gap no matter how long the debate lasted. In the late 1960s, as very practical problems began to engulf the world, their differences became even more pronounced. The prices in the Western world started to rise rapidly.

After World War II, the inflation rate, which had been stable for 20 years, soared, plunging the United States into hyperinflation. This situation reminded Hayek of Austria after World War I, which had led him to view Keynesianism as dangerous. As prices spiraled out of control and society became unstable, politicians began asking economists for ways to stop inflation.

The solutions Samuelson and Friedman proposed through their columns were inevitably opposite. The debate over the causes and solutions of inflation occupied a central position in their long-standing dispute over economic thought.

_6. Intervention and Non-Intervention

Samuelson vs Friedman | Written by Nicholas Wapshott | Translated by I Gayoung | Bookie | 552 pages | 30,000 KRW

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