Download A Macat Analysis of Milton Friedman's The Role of Monetary Policy AudioBook Free
Milton Friedman's 1968 newspaper "The Role of Monetary Coverage" transformed the course of economic theory. In only 17 web pages, Friedman outlined an efficient government monetary insurance policy designed to achieve the goals of broader monetary strategy, namely "high job, secure prices, and quick growth." Friedman did not only demonstrate that financial policy plays a essential role in broader monetary stability. He also argued that economists acquired their monetary insurance policy incorrect in the 1950s and 1960s by misunderstanding the relationship between inflation and unemployment. In Friedman's view, previous generations of economists had no justification for thinking that governments could permanently reduce unemployment by allowing inflation - and vice versa. Friedman's most original contribution was to suggest that this romance between unemployment and inflation only performed for a while. The Economist publication defined Milton Friedman as "the most important economist of the next half of the 20th century ... possibly of most from it." And "The Role of Monetary Coverage" remains highly important.
