"An essential origin story of modern society's most influential economic doctrine. The Chicago School of economic thought has been widely generalized-and caricaturized-in contemporary debate. What is often portrayed as a monolithic obsession with markets is, in fact, a nuanced set of economic...

During the late-1940s and the early-1950s Milton Friedman favored a rule under which fiscal policy would be used to generate changes in the money supply with the aim of stabilizing output at full employment. He believed that the economy is inherently unstable because of endogenous movements in...