He postulated that one's economic decisions are motivated more by expected future income than current income in his "permanent income hypothesis," and he referred to the Great Depression as the Great Contraction.  
He postulated that one's economic decisions are motivated more by expected future income than current income in his "permanent income hypothesis," and he referred to the Great Depression as the Great Contraction.  Having spoken highly of one book by John Maynard Keynes, a treatise on a certain kind of reform, he is better known for work with Edmund Phelps on the concept of a natural rate of unemployment.  The author of Capitalism and Freedom is,  for 10 points, what longtime advocate of laissez-faire economics and author of A Monetary History of the United States?
He postulated that one's economic decisions are motivated more by expected future income than current income in his "permanent income hypothesis," and he referred to the Great Depression as the Great Contraction.  
Milton {Friedman}