Harry G. Johnson's review in the June 1965 issue of the *Economic Journal* praises *A Monetary History of the United States, 1867–1960* by Milton Friedman and Anna Jacobson Schwartz as a monumental scholarly achievement. The book uses extensive historical data and rigorous analytics to argue that monetary policy, particularly steady control of the money supply, plays a crucial role in managing the nation's economy, especially during significant economic fluctuations. Chapter 7, "The Great Contraction," focuses on the Great Depression, suggesting that timely actions by the monetary authority could have prevented such economic crises. Milton Friedman's work on *A Monetary History* and *A Theory of the Consumption Function* earned him the Nobel Prize in Economics in 1976.Harry G. Johnson's review in the June 1965 issue of the *Economic Journal* praises *A Monetary History of the United States, 1867–1960* by Milton Friedman and Anna Jacobson Schwartz as a monumental scholarly achievement. The book uses extensive historical data and rigorous analytics to argue that monetary policy, particularly steady control of the money supply, plays a crucial role in managing the nation's economy, especially during significant economic fluctuations. Chapter 7, "The Great Contraction," focuses on the Great Depression, suggesting that timely actions by the monetary authority could have prevented such economic crises. Milton Friedman's work on *A Monetary History* and *A Theory of the Consumption Function* earned him the Nobel Prize in Economics in 1976.