Which Eighteenth Century economist does Friedman quote in his 1956 paper? What does this demonstrate about...

Which Eighteenth Century economist does Friedman quote in his 1956 paper? What does this demonstrate about the importance of studying the history of economic ideas?

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Expert Solution

Friedman was quote about Keynes in his 1956 paper.

Friedman's original commitment to financial aspects got through his investigation of winning macroeconomic hypotheses. During his time as an educator, macroeconomics was overwhelmed by Keynesian monetary hypothesis. This school of financial idea, spearheaded by British market analyst John Maynard Keynes, stresses the handiness of macroeconomic total factors, holds that fiscal policy is a higher priority than monetary policy, that administration spending ought to be utilized to kill the unpredictability of the business cycle Or create demand or decrease demand according to recession or boom and that costs are characteristically clingy.

Rahul Sunny answered 2 years ago

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