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MY FAVORITE ECONOMIST -MILTON FRIEDMAN- FRIEDMAN'S THEORIES Milton Friedman has focused his writing on public policies, always putting the emphasis on the presentation and extension of individual freedom. In general, he made two major important contributions to the economic policy debate. This includes his work on the Quantity Theory of Money and the expectations-augmented Phillips Curve. Basically, as mentioned by http://cepa.newschool.edu, 'He argued that government discretionary 'fine-tuning' of the economy, as had been proposed by Keynesians, ought to be replaced with iron 'rules' of policy - notably his famous 'money supply growth' rule.' His theory suggests that any attempt to manage the level of demand (in a Keynesian way) would de-stabilize and make things worse. The role of government is to implement monetary policy (to control inflation and supply-side policies) to make markets perform better and to lower unemployment. In the 1970's, the Phillips curve did not support the stagflation (unemployment and...

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