In the 1920s, John Maynard Keynes prompted a division between microeconomics and macroeconomics. Under Keynesian economics macroeconomic trends can overwhelm economic choices made by individuals. Governments should promote aggregate demand for goods as a means to encourage economic expansion. Following World War II, Milton Friedman created the concept of monetarism. Monetarism focuses on using the supply and demand of money as a method for controlling economic activity. In the 1970s, monetarism has adapted into supply-side economics which advocates reducing taxes as a means to increase the amount of money available for economic expansion.
What concept did Milton Friedman propose after World War II?
monetarism