In my previous post, I discussed how Milton Friedman was right about 4 key issues during the 1960s and 1970s. He argued that interest rates are not a good indicator of the stance of monetary policy. He argued that the long run Phillips Curve was vertical, which means no long run tradeoff between inflation and unemployment. He argued that fiscal policy was not an effective way to control inflation. And he suggested that wage/price controls would not work. But why...