Only genuine productivity growth can enable workers to advance in the long run.
In 1976, Milton Friedman won the Nobel Prize in economics. Among the reasons the Nobel Committee awarded him the prize was his “demonstration of the complexity of stabilization policy.” Fifty years later, Friedman’s ideas on the topic are still relevant today, at a time when many academics and economic commentators are reviving the idea that monetary policy can fine-tune employment. This is an idea Friedman spent his career challenging.
Friedman did not deny that monetary policy mattered. In fact, he believed the Great Depression was caused by the Federal Reserve's failure to prevent a contraction of the money supply. But he ...
Continue reading this article with an NRPLUS subscription.
America 250 Special Offer: 6 Months of NRPLUS for $17.76.
