In the 1920s, John Maynard Keynes prompted a division between microeconomics and macroeconomics. Under Keynesian economics macroeconomic trends can overwhelm economic choices made by individuals. Governments should promote aggregate demand for goods as a means to encourage economic expansion. Following World War II, Milton Friedman created the concept of monetarism. Monetarism focuses on using the supply and demand of money as a method for controlling economic activity. In the 1970s, monetarism has adapted into supply-side economics which advocates reducing taxes as a means to increase the amount of money available for economic expansion.
What concept did Milton Friedman propose after World War II?
monetarism
Following World War II, Milton Friedman created the concept of monetarism.
Following World War II, Milton Friedman created the concept of monetarism.
What concept did Milton Friedman propose after World War II?