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Friedman's challenges to what he later called "naive Keynesian theory"began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory which would later become part of the mainstream and among the first to propagate the theory of consumption smoothing.
During the 1960s he became the main advocate opposing Keynesian government policies,and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions.
He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate.
He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation.
Friedman promoted a macroeconomic viewpoint known as Monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid, and unexpected changes.
His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the global financial crisis of 2007–2008.
During the 1960s he became the main advocate opposing Keynesian government policies,and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions.
He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate.
He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation.
Friedman promoted a macroeconomic viewpoint known as Monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid, and unexpected changes.
His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the global financial crisis of 2007–2008.
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Turkish Economic Reviewno. 3 (2021): 65-76
Henri Cartan, Samuel Eilenberg, George F. Kennan, Northrop Frye, Bray Hammond, Ernst H. Kantorowicz, Gresham M. Sykes, Charles Coulston Gillispie, Lee Benson, Jerome Blum, Constance McLaughlin Green, Fritz Machlup,
A Century in Bookspp.51-64, (2021)
De Gruyter eBookspp.13-30, (2020)
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