Milton Friedman and the Rise Term Paper

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This led to the rise in monetarism and the tax cuts promoted by President Reagan, the fiscal conservatism of the Volker-Greenspan Federal Reserve System, and the economic prosperity of the 1980s and 1990s (Ross, 1998).

Currently, monetarism and the importance of monetary policy in determining economic growth and stability are widely accepted. However, it is important to note that Friedman himself has cautioned against assigning to monetary policy a larger role than it can actually perform (Friedman (a), p. 99). While admittedly, changes in money supply can affect employment and output in the short run, Friedman advised against an over reliance on the supply of money as a mechanism to stimulate investment, employment and demand to avoid unacceptable levels of inflation.

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Instead, he advocates, that these economic objectives are better achieved through allowing the free market to operate freely.

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