2004
Search results
People also ask
Was Milton Friedman right about inflation?
How did Milton Friedman impact monetary policy?
What is Milton Friedman monetary theory?
What was Friedman's view on inflation?
In the 1960s, Friedman declared that inflation is ‘always and everywhere a monetary phenomenon’ — a problem of printing too much money. Since then, whenever inflation rears its head, you can count on someone to reanimate Friedman’s ghost and blame the government for spending too much.
This prin-ciple underlies the monetary policy framework of major economies today. Friedman was particularly scathing about “cost-push” theories, prevalent in the 1960s and 1970s, that attributed high inflation to autonomous increases in costs rather than to excess demand.
- 69KB
- 1
May 23, 2024 · Friedman’s rational behavior argument was that consumers dealing with long-term inflation eventually build expectations of future inflation into saving and spending decisions, which...
Jun 16, 2022 · Milton Friedman conceived many innovations in economic theory during the second half of the 20th century. His work explaining monetary supply and its effect on economic and inflationary shifts ...
Mar 22, 2021 · Learn how Milton Friedman's monetarist views shaped economic policy after World War II.
- Brent Radcliffe
Milton Friedman (/ ˈ f r iː d m ən / ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
Professional controversy about the relation between inflation and unem-ployment has been intertwined with controversy about the relative role of monetary, fiscal, and other factors in influencing aggregate demand.
