Anna Schwartz
The most esteemed economist associated with monetarism is Milton Friedman. Winning the Nobel Memorial Prize in Economics in 1976, he is remembered as THE monetarist. However, like is usually the case, behind every good man is a better woman, and this case proves no different. Anna Schwartz worked with Friedman for over thirty years as one of the most famous influential teams in history. Friedman depicts their relationship as “…an almost perfect collaboration. Anna did all the work and I got a lot of the credit.” Anna Schwartz is equally worthy of the recognition in which has only been given her professional partner. (Cicarelli)
Born on November 11, 1915, in New York City to a rabbi and housewife, Anna was one of six children. She graduated Phi Betta Kappa from Barnard College at age 18 and just one year later earned her Masters from Columbia University. The following year, in October, Anna married businessman Isaac Schwartz and would have four children with him before his death after nearly sixty years of marriage. (Cicarelli)

Today, Anna Schwartz works at the National Bureau of Economic Research on Fifth Avenue. She can proudly boast that she’s been collecting data there since 1941schwartz.jpg. At ninety three years of age, Anna Schwartz has contributed over 125 books, contributions to books, book reviews, and articles in the most prestigious economics journals. She has inspired readers, challenged schools of thought, engineered new economic concepts and continues to do all of this even today. (City Journal)

Milton Friedman and Anna Schwartz’s A Monetary History of the United States, 1867–1960 is named one of the most influential works in economic history of the 20th century. The purpose of the book was to refocus the economics profession’s thinking about the importance of money in generating cyclical fluctuations. Schwartzs pointed the finger at the Federal Reserve’s mistakes as being a big contributor to the severity of the Great Depression. (The Cato Institute)

external image moz-screenshot-1.png The book, published in 1963, revolutionized economics and the way that governments operate. Through ten years of research, Schwartz helped found the monetarist theory of economics. She explains that, “Not only by gathering new data but by coming up with new ways to measure information, we were able to demonstrate the link between the quantity of money generated by the banks, inflation, and the business cycle.” (City Journal)

Prior to the monetarist revolution, it was believed that the quantity of money circulating in the economy had no influence on growth or prices. However Schwartz and Friedman pointed out that each time the Federal Reserve created an excess of money, prices inflated as a result. In contrast, when the central bank removes excess liquidity it has the potential to hurt healthy recovery or growth by constricting the money supply. As a solution, monetarists suggeanna.pngsted introducing predictability in the value of currency by expanding or contracting the money supply as needed. “At first, central bankers and governments did not accept our theory,” recalls Schwartz. Margaret Thatcher was the pioneer monetarist leader when she came to power in 1979 and tamed inflation in the British economy using monetarist principles. (City Journal)

There is little published information about Anna Schwartz’s personal life. Milton Friedman holds the title of founding Monetarism and along with that, all the press space. Perhaps she can attribute a bit of her success to this very fact. Not readily accepted by society into the work force, let alone the business world, Anna Schwartz undoubtedly had to prove herself more than a male in her position would have. As a woman, Anna had to work harder than her male counterparts to attain the respect she has today. Her gender most likely was greatest influence in her early career due to the times. However, today she is one of many women who hold a significant position in her field of interest.

Works Cited
Cicarelli, By James. "Distinguished Women Economists." Google Books. Web. 30 Nov. 2010. < schwartz bio&source=bl&ots=pftUrSKQuM&sig=5EDhXycG2LALGgIwZR197egCroM&hl=en&ei=NW7dTM7ZCIa8lQfjh9zwDA&sa=X&oi=book_result&ct=result&resnum=7&ved=0CDwQ6AEwBg#v=onepage&q&f=false>.
Contrast, By. "Monetarism Defiant by Guy Sorman, City Journal Spring 2009." City Journal. Web. 30 Nov. 2010. <>.
"A Monetary History of the United States, 1867–1960." The Cato Institute. Web. 30 Nov. 2010. <>.