It isn't part of any well known monetarist or Keynesian theory. Rothbard was critical of monetarist economist Milton Friedman. The monetarist explanation was given by American economists Milton Friedman and Anna J. Schwartz. The monetarist economist Milton Friedman sent Powell a letter praising him as principled. Monetarist economists long contended that the money-supply growth could affect the macroeconomy. Ben Bernanke to target nominal GDP, a market monetarist tenet. Friedman was the main proponent of the monetarist school of economics. Phelps, although not a monetarist, argued that only unexpected inflation or deflation impacted employment. During the 1980s it supported Margaret Thatcher and Ronald Reagan's monetarist policies. His education has been characterized as specialising in monetarist economics. Unfortunately for Maudling, Enoch Powell also stood as a candidate supporting monetarist and proto-Thatcherite economics. By contrast, Friedman represented the monetarist perspective. Monetarist theories have since been adopted widely. The Government applied monetarist policies to reduce inflation, and reduced public spending. Secretary Regan preferred monetarist Beryl Wayne Sprinkel.