Milton Friedman on the inflation-unemployment tradeoff: "In the long run there is no relation between inflation and unemployment." Once inflation becomes expected—whether it's 2% or 10%—all wages, prices, and interest rates adjust accordingly. The temporary stimulus disappears. The critical lesson: it's not inflation that matters, but whether inflation is higher than expected. | Free To Choose Network
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1.5K views · 49 reactions | Milton Friedman talks about the purpose of the federal reserve in this excerpt from the original Free To Choose series. Episode 9 – How To Cure Inflation. #FreeToChoose40th #MiltonFriedman #MiltonMonday #MiltonMindset | Free To Choose Network | Facebook
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