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He rejected the Phillips Curve and accurately predicted that Keynesian policies would cause "stagflation" (high inflation and low growth). He argued that a steady expansion of the money supply was the only wise policy, and warned against efforts by the treasury or central bank to do otherwise.
Influenced by his close friend George Stigler, Friedman opposed government regulation of all sorts. He once stated that his role in eliminating the U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. Friedman's political philosophy, which he considered classically liberal and libertarian, stressed the advantages of the marketplace and the disadvantages of government intervention and regulation, strongly influencing the outlook of American conservatives and libertarians...
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