Krugman:
"The truth, although nobody on the right will ever admit it, is that Friedman was basically a Keynesian — or, if you like, a Hicksian. His framework was just IS-LM coupled with an assertion that the LM curve was close enough to vertical — and money demand sufficiently stable — that steady growth in the money supply would do the job of economic stabilization. These were empirical propositions, not basic differences in analysis; and if they turn out to be wrong (as they have), monetarism dissolves back into Keynesianism."
Couldn't Milton Friedman be said to be Marshallian in method, just like John Maynard Keynes was? I remember reading somewhere that Friedman read Alfred Marshall's Principles of Economics...
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