Watch the following video. Friedman was a Nobel prize winner in economics and is considered the father of monetarism which is one of the economic philosophy under the
classical side. Friedman died several years back at age of 90. The video is old but the topics are the same as we are talking about today. It takes place in the 1970s.
At that time unemployment was running between 7%-9% and inflation was above 10% and at time even above 15%. This condition of both high unemployment and high inflation
is called stagflation. Notice the talk of the bailout of Chrysler.
Write a response to the video following the guidelines given in the module structure. Remember a response included the main points, supporting points, economic anlysis
and your opinion backed by economic reasoning.
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