Famed monetary economist Milton Friedman argued that the supply of money should be increased at a constant rate. Why?

Deflation and not the supply of money would take care of any market interest rate anomalies.

By fixing the supply of money the interest rate, or cost of borrowing, would also remain fixed - a good thing for growth.

Fixing the supply of money to a constant growth would force interest rates to rise and fall, but keep rate fluctuations less severe.

Friedman's ideas were rampantly favorable in the 1970's and any economic policy he proposed was widely accepted and adopted.