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It is widely believed that the importance of Friedman’s Presidential Address tothe American Economic Association lies in its criticism of policy based on thePhillips curve. However, it is argued here that a reading of the text does notsupport such a view, and this and other considerations suggest that any such aimwas far from Friedman’s mind in 1967 or 1968. His objective was the quitedifferent one of making a case for policy ‘rules’ rather than discretion

What was the message of Friedman’s Presidential Address to the American Economic Association?