Challenges in Addressing Inflation and Federal Reserve Policy

An analysis comparing the bold choices made in the 1970s to combat inflation with the lack of willingness for similar measures today, shedding light on the roles of past Federal Reserve and Treasury officials. The chapter delves into the implications of not following Milton Friedman's growth rule, leading to distortions in the economy. It highlights the public perception of the Federal Reserve's role in business cycles, the challenges of addressing its impact, and the importance of public awareness and political action.