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Milton Friedman's The Role of Monetary Policy-logo

Milton Friedman's The Role of Monetary Policy

Milton Friedman

Friedman’s 1968 paper changed the course of economic theory, rejecting existing theory and outlined an effective alternate monetary policy designed to secure ‘high employment, stable prices and rapid growth.’ Friedman demonstrated that monetary policy plays a vital role in broader economic stability and argued that economists got their monetary policy wrong in the 1950s 60s by misunderstanding the relationship between inflation and unemployment. Previously, economists had believed that governments could continually decrease unemployment by permitting inflation—and vice versa. Friedman’s most vital contribution was showing that this trade-off is an illusion only works in the short term.

Friedman’s 1968 paper changed the course of economic theory, rejecting existing theory and outlined an effective alternate monetary policy designed to secure ‘high employment, stable prices and rapid growth.’ Friedman demonstrated that monetary policy plays a vital role in broader economic stability and argued that economists got their monetary policy wrong in the 1950s 60s by misunderstanding the relationship between inflation and unemployment. Previously, economists had believed that governments could continually decrease unemployment by permitting inflation—and vice versa. Friedman’s most vital contribution was showing that this trade-off is an illusion only works in the short term.
More Information

Description:

Friedman’s 1968 paper changed the course of economic theory, rejecting existing theory and outlined an effective alternate monetary policy designed to secure ‘high employment, stable prices and rapid growth.’ Friedman demonstrated that monetary policy plays a vital role in broader economic stability and argued that economists got their monetary policy wrong in the 1950s 60s by misunderstanding the relationship between inflation and unemployment. Previously, economists had believed that governments could continually decrease unemployment by permitting inflation—and vice versa. Friedman’s most vital contribution was showing that this trade-off is an illusion only works in the short term.

Language:

English

Narrators:

Nick Broten, Macat.com

Length:

1h 58m


Chapters

Chapter 1
Chapter 1

13:53


Chapter 2
Chapter 2

08:54


Chapter 3
Chapter 3

07:40


Chapter 4
Chapter 4

07:48


Chapter 5
Chapter 5

08:18


Chapter 6
Chapter 6

09:48


Chapter 7
Chapter 7

09:03


Chapter 8
Chapter 8

09:27


Chapter 9
Chapter 9

08:51


Chapter 10
Chapter 10

09:11


Chapter 11
Chapter 11

07:56


Chapter 12
Chapter 12

09:23


Chapter 13
Chapter 13

08:36