March 7, 2021, Opinion: "It was in a lecture delivered in London in 1970 that Milton Friedman uttered those famous words, the credo of monetarism. Over the previous five years, inflation in most countries had been on the rise. In the first half of the 1960s, U.S. consumer prices had never gone up by more than 2% in any 12-month period. The average inflation rate from January 1960 until December 1965 had been just 1.3%. But thereafter it moved upward in two jumps, reaching 3.8% in October 1966 and 6.4% in February 1970."
Non-HKS Author Website - Niall Ferguson