An essential origin story of modern society’s most influential economic doctrine.

The Chicago School of economic thought has been subject to endless generalizations—and mischaracterizations—in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic theories born from decades of research and debate. The Monetarists is a deeply researched history of the monetary policies—and personalities—that codified the Chicago School of monetary thought from the 1930s through the 1960s. These policies can be characterized broadly as monetarism: the belief that prices and interest rates can be kept stable by controlling the amount of money in circulation. 

As economist George S. Tavlas makes clear, these ideas were more than just the legacy of Milton Friedman; they were a tradition in theory brought forth by a crucible of minds and debates throughout campus. Through unprecedented mining of archival material, The Monetarists offers the first complete history of one of the twentieth century’s most formative intellectual periods and places. It promises to elevate our understanding of this doctrine and its origins for generations to come.

"[The Monetarists] should be of keenest interest to historians of economic thought and to monetary historians, for whom the careful detail, thorough citations of primary sources, and attention to the work of even the less commonly celebrated Chicagoans, will be most appreciated. But other scholars with more casual interests in these areas will find parts to enjoy. . . .I hope that macroeconomists reading the book will be inspired by the vigor of some aspects of the intellectual debate during and after the Great Depression and motivated to improve on other aspects."
- Journal of Economic Literature

"You may wonder whether reading a book about a 50-year ­old academic dispute is worth it. Well, the book amply repays the effort. . . .Tavlas's book is interesting and illuminating throughout and warmly recommended." - Financial World

"In this superb book, George Tavlas provides a detailed chronological history of the Chicago school of monetary economics from its start in the late 1920s through the work of Milton Friedman in the 1950s and ’60s. . . . George Tavlas has written the definitive history of the Chicago monetarists. He deserves a round of applause from historians of economic thought." - Journal of the History of Economic Thought

"This is a magnum opus on the evolution of the monetary economics of the group of economists who were at the University of Chicago from the early to mid-twentieth century. . . . Tavlas has done an outstanding job of sorting out the intricacies of the evolution of monetarism and his book is not only a definitive history of Chicago monetarist thought, it brings out its relevance for contemporary issues." - Business Economics

"This a book for specialists, especially those interested in the development of the monetary theories and policies that have emanated from economists at the University of Chicago since the late 1920s. . . . its clarity of organization and simplicity make it an easy read. . . .Tavlas demonstrates that there was always a distinct Chicago view, though it shifted through time." - Economic Affairs

"[The Monetarists] is well told and challenges readers to reconsider what they think they know about monetary economics at the University of Chicago, calling into question familiar labels associated with twentieth century economics. George Tavlas teases out complexities in the history of Chicago monetary economics that are obscured by common labels, and upsets tenets of what has been considered settled historical knowledge. . . .The Monetarists is a splendid book." - History of Economic Ideas

"This book is a deep intellectual dive into Chicago monetary thought. The book is both original and comprehensive, drawing on a rich array of published and archival sources, and shows high standards of scholarship. The book is very rich in detail and even specialists will learn something from it. . . .[There] really is no other book out there that deals with the whole of Chicago monetary economics like this one." - The Independent Review

"This brilliant, powerful work should settle for good the controversy over the Chicago monetary tradition and, more importantly perhaps, lead to the (re)discovery of a whole line of economists whose monetary thinking was sufficiently sophisticated, and solidly grounded, to allow them to resist the dominance of Keynesian economics." - History of Political Economy

"A fascinating intellectual history of the Chicago monetary tradition, drawing on a wealth of materials, including substantive original archival research. It shows Tavlas’s great scholarship, both of monetary theory and policy-making." - Central Banking