Beirut Subway Map on Challenges. The first theoretical challenge came in the form of the natural rate hypothesis. Milton FRIEDMAN, long a critic of Keynesian economics, published an important critique in 1968 (similar insights were developed and published at the same time by Edmund Phelps. ) In his work The Role of Monetary Policy, Friedman claimed that active government intervention to manipulate the BUSINESS CYCLE might enjoy temporary successes (primarily by acting contrary to the public's expectations) but the policy would fail to permanently alter the economy's level of unemployment (because eventually public expectations would adjust to the new policy direction). Dubbed the Fooling Model (because government success required fooling the public), this new approach contended that government policy efforts paid a high price for their temporary gains against unemployment: the gains came with accelerating inflation.
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Friedman claimed this relative ineffectiveness of government policy was because the economy had a natural rate of unemployment around which market forces would gravitate. He predicted that the active government policies of the 1960s would not have a permanent effect on unemployment levels although they would result in higher levels of inflation. Beirut Subway Map 2016.
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