Thought with the chicago school of economic

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Compare and contrast the Keynesian School of Thought with the Chicago School of Economic Thought (in particular Milton Friedman) as it pertains to monetary policy theory (active stabilization monetary policy versus a monetary growth rule). Why does Keynes prescribe active governmental stabilization policy while Friedman prescribes a monetary rule? (discuss the theory of lack of self-correction by the private economy at the time Keynes wrote his theory in the mid-1930s as well as Friedman’s argument against active stabilization).

Reference no: EM132255788

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