![]() He made effective disciplines relating to money including excerpts such as "though increased public spending has an effect on nominal income, it soon fizzles out". Friendman's interest began to center on monetary economy in the 1950s where he gained his greater prominence. The two disciplines are related, but the conclusions of positive economics are independent of ethical positions or normative judgments. ![]() The work was about the difference between positive economics, a body of systematized knowledge concerning what is and normative economics, a body of systematized knowledge discussing criteria of what out to be. His famous essay in 1953, "The Methodology of Positive Economics" is arguably his best-known work. ![]() Friedman had a profound impact on economic research during his lifetime, and his influence reached far beyond the particular fields he chose for his own research. Milton Friedman is a world-famous economist and an ardent and effective advocate of the free-market economy. ![]()
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