FRIEDMAN, Milton.

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Inflation and Unemployment. First separate edition of Friedman's Nobel lecture, inscribed by him on the front wrapper, "For Dr. H. W. Schmidt, with my best wishes, Milton Friedman, Jan. 20, 1978".Friedman was awarded the 1976 Nobel Prize in Economics for "his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy". His American National Biography entry notes, "Some observers believe he could well have been awarded several more Nobel Prizes". Friedman recalls in his memoir that he was greeted by 5,000 protesters. He used his lecture "to make the point that economics was or could be a positive science like physics and chemistry. Instead of discussing the methodological issue explicitly, I tried to illustrate it by example. The example I chose was the change in professional views on the relation between inflation and unemployment... The initial so-called Phillips-curve hypothesis, that there was a stable negative relation between inflation and unemployment, became untenable because the facts contradicted it" (Two Lucky People, pp. 400 & 458).This separate edition is offprinted from its appearance in the collected volume of the 1976 Nobel speeches, Les Prix Nobel en 1976.The recipient remains unidentified. One possible candidate is H. W. Schmidt, co-author of the 1978 West German energy-demand study Die künftige Entwicklung der Energienachfrage in der Bundesrepublik Deutschland. Precisely

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