Keynesian and Post Keynesian Economics vs. Chicago Economics ; current policy creation

Keynesian and Post-Keynesian economics argue that government intervention is required to regulate economic booms and crashes. In contrast to rejecting methodological individualism. Whereby the Chicago School's philosophy is based on the conviction that free markets should operate free from government intervention which will deliver the best results for society. 

For example, Businesses may spend less on investments as a result of customers spending less since there is less of a need for their products. As a result, increasing output is now the responsibility of the government. According to Keynesian economics, government intervention is necessary to tame the business cycle and the ups and downs in economic activity. In comparison, The Chicago school contends that competition protects customers the best. Even if a corporation acquires monopolistic strength, the Chicago school prefers to let the market fix the issue rather than relying on government intervention, which might be more detrimental to the efficiency of the economy.

Moreover, Friedman argued and taught that the government should have a far smaller role in the economy and would like to abolish the Federal Reserve. While understanding that its only purpose is to gradually expand the money supply. He thought that the government's contribution to the economy should be capped at 10% of GDP. In addition to this, I can relate to the concept of institutional Economics is a branch of economics that emphasizes the significance of social elements, which can be formal, like constitutions or informal, like attitudes, and values which were helpful in assessing the issues that arise in developing nations.