This economist's k-percent rule states that central banks should always increase the stock of money by a fixed percentage regardless of business cycles.
With Leonard Savage, this man argued that the curvature of an individual's utility function varies with wealth; and his permanent income hypothesis posits that windfall gains and tax reductions have limited effect on consumption patterns. This economist's k-percent rule states that central banks should always increase the stock of money by a fixed percentage regardless of business cycles. Arguing that consumption and output are primarily determined not by investment or fiscal policy but money supply, for 10 points, this is which Chicago economist who revived monetarist theory in the 1960s.
With Leonard Savage, this man argued that the curvature of an individual's utility function varies with wealth; and his permanent income hypothesis posits that windfall gains and tax reductions have limited effect on consumption patterns.
Milton {Friedman}