It is likely that Friedman’s study of the Depression led him to look for means, such as his proposal for constant money growth, to ensure that the monetary machine did not get out of order. I hope, though of course I cannot be certain, that two decades of relative monetary stability have not led contemporary central bankers to forget the basic Hippocratic principle.
A second normative recommendation, worth recalling here, was Friedman’s preference for floating rather than fixed exchange rates. At times, at least in popular writing, Friedman rationalized this position as following from free market principles.