Milton Friedman was a leading economist from the US who received the Nobel Memorial Prize in Economic Sciences in 1976 for his research on consumption analysis. Friedman was a big challenger to the Keynesian theory and used his own free-market monetarism theory to contradict Keynesian ideas. Free-market monetarism theory put emphasis on monetary policy and how the changes in money supply can have short to long term effects on areas such as price levels.

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