This thinker argued hypotheses should not be subject to normative judgments, but rather should be evaluated on their "simplicity" and "fruitfulness" in his essay "The Methodology of Positive Economics."
This thinker argued hypotheses should not be subject to normative judgments, but rather should be evaluated on their "simplicity" and "fruitfulness" in his essay "The Methodology of Positive Economics." He stated money supply should annually increase by a set percentage in his namesake "k-percentage rule." One of his works claims that the practice of licensing doctors results in worse care and criticizes the Bretton Woods system arguing a floating exchange rate would be more effective. He wrote Free to Choose with his wife Rose and worked with Edmund Phelps to outline the "natural rate of unemployment" as a critique of the Phillips Curve. This economist called for a negative income tax to promote free markets in his book Capitalism and Freedom. For 10 points, name this leader of the Chicago School of economics who championed monetarism.
This thinker argued hypotheses should not be subject to normative judgments, but rather should be evaluated on their "simplicity" and "fruitfulness" in his essay "The Methodology of Positive Economics."
Milton Friedman