The role of monetary policy (1st edition.)

Milton Friedman's 1968 essay 'The Role of Monetary Policy' is a key example of how his critical thinking skills helped to cement his influence and reputation.

The paper addressed the question of how a government's monetary policy affects the economy - from employment levels to inflation and so on.

At its heart lies an evaluation and critique of the most widely accepted conception of monetary policy at the time - the 'Phillips Curve' - which argued that increased inflation leads naturally to increased employment.