Friedman and Keynes: divergences and convergences *

Abstract

Milton Friedman claims to have succeeded the Keynesian revolution with a counter-revolution which, incorporating certain features of Keynes's thought, triumphed at the end of the 1960s. This paper presents a general assessment of the relationship between these thinkers, in the domain of politics, methodology and economics, the emphasis being put on Friedman's reading of Keynes. In many places, Friedman stresses the convergences between his vision and Keynes's, as against the latter's Walrasian disciples. However, despite certain points of agreement at the methodological level, the two authors are radically opposed in terms of political vision and economic analysis.