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The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Sciences for their work, and the development of the concept is cited as a main motivation behind the prize.
Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman, it argues that excessive expansion of the money supply is inherently inflationary, and that monetary authorities should focus solely on maintaining price stability.
Friedman's book Price Theory: A Provisional Text, originally based on lecture notes taken by David I. Fand and Warren J. Gustus in 1951–52. These notes were popular among graduate students and eventually prompted Friedman to work on their publication. The revised edition was prepared when Friedman resumed teaching price theory in the early ...
Price theory; Monetarism; ... Friedman's challenges to what he called "naive Keynesian theory" [9] ... Unemployment may be temporarily lower, if the inflation is a ...
Friedman rule. The Friedman rule is a monetary policy rule proposed by Milton Friedman. [1] Friedman advocated monetary policy that would result in the nominal interest rate being at or very near zero. His rationale was that the opportunity cost of holding money faced by private agents should equal the social cost of creating additional fiat money.
The permanent income hypothesis (PIH) is a model in the field of economics to explain the formation of consumption patterns. It suggests consumption patterns are formed from future expectations and consumption smoothing. [α] The theory was developed by Milton Friedman and published in his A Theory of the Consumption Function, published in 1957 ...
HG538.F86 1963. A Monetary History of the United States, 1867–1960 is a book written in 1963 by future Nobel Prize -winning economist Milton Friedman and Anna Schwartz. It uses historical time series and economic analysis to argue the then-novel proposition that changes in the money supply profoundly influenced the United States economy ...
Full employment. Full employment is an economic situation in which there is no cyclical or deficient-demand unemployment. [1] Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. For instance, workers who are "between jobs" for short periods of time ...