This thinker suggested that economic theories should be judged by their simplicity and fruitfulness in his essay "The Methodology of Positive Economics."
This thinker suggested that economic theories should be judged by their simplicity and fruitfulness in his essay "The Methodology of Positive Economics." His work with the National Resources Committee contributed to his Theory of the Consumption Function. This economist formulated the "natural rate hypothesis" and constructed the NAIRU in his rejection with Edmund Phelps of the Phillips curve. For 10 points, name this author of Capitalism and Freedom, a Chicago School economist who promoted monetarism and won the 1976 Nobel Prize.
This thinker suggested that economic theories should be judged by their simplicity and fruitfulness in his essay "The Methodology of Positive Economics."
Milton {Friedman}