Money aggregates, predictable rules versus discretion, incentives, regulation, and the limits of activist macro policy.
How the University of Chicago’s law-and-economics movement reshaped U.S. competition policy: from structure-based fears of ‘bigness’ to a cost-benefit standard centered on price, output, and efficiency—and the backlash that label still provokes today.
From Milton Friedman’s fixed money-growth recipe to modern inflation targeting: why simple rules seduce theorists, why central banks bend them, and how “reputation” became the hidden variable in monetary policy.
Robert Lucas's famous argument in plain language: why estimated macro relationships may collapse when policymakers exploit them, and what 'rational expectations' changed about economic advice.
Friedman and Phelps’s challenge to a stable inflation–unemployment tradeoff reshaped macroeconomics—then NAIRU became a political football. A plain-language tour of the hypothesis, its uses, and why it keeps breaking in data.
How monetarists use the identity MV=PY to discipline stories about inflation, not to 'prove' a slogan—and why the equation is both trivial and deep.
Gary Becker's framework for treating education and training as economic investment transformed labor economics and public policy, but its critics argue it reduces human beings to assets on a balance sheet.
Milton Friedman's 1957 insight that people spend based on what they expect to earn over a lifetime, not what they earned last month, reshaped how economists think about consumption, saving, and fiscal policy.
Milton Friedman warned that monetary policy operates with unpredictable delays, making fine-tuning the economy a fool's errand. That warning still haunts every central banker alive.
Tracing the path from Friedman's money-supply rules to modern central banking reveals what the profession kept from Chicago, what it quietly dropped, and why the shift matters.
How monetarists use the equation of exchange not as a slogan but as a disciplined framework for thinking about money, prices, and inflation across centuries of monetary history.