![]() ![]() ![]() ![]() Ironically, one of his earlier studies, and perhaps his finest econometric contribution, removed a perceived threat to the maintenance of Keynesian full employment. Friedman instinctively took the view that government intervention was more likely to do harm than good, and that the most government could do was to set an appropriate structure of rules - especially the rule of law - and leave the rest to competition and the freedom of the individual to choose in a system of free markets. For a brief period in the 1950s and 60s, it had seemed that the use of Keynesian theory, operating in the context of macro-economic models that had sprung up under the influence of national income statistics and computer technology, would allow economists to guide politicians to steer the economy optimally via discretionary intervention. ![]()
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