In an article for the Encyclopedia Britannica, Kellner (2013) stated that [John Maynard Keynes] said that struggling households were bound to spend less in tough times; the same actions by governments could be ruinous. When unemployment was high and factories lay idle, Keynes advocated for higher government spending and lower interest rates to maintain the level of demand for goods and services and to encourage businesses to borrow and invest. The two most prominent of these critics were Friedrich von Hayek [and] Milton Friedman Hayek argued that government action often did more harm than good: in economic terms, by impeding the operation of market forces, and in political terms, by reducing the freedom that individuals and companies should enjoy to earn, spend, and generally act as they chose. Friedman argued that ... if governments or central banks increased money supply, inflation would rise; conversely, if they held it steady, inflation would fall (paras. 3-7). The US is currently experiencing a rate of inflation not seen is over 40 years. As of June 2022, the annual inflation rate in the US to 9.1%, the highest since November of 1981. Energy prices rose 41.6%, the most since April 1980, boosted by gasoline (59.9%, the largest increase since March 1980), fuel oil (98.5%), electricity (13.7%, the largest increase since April 2006), and natural gas (38.4%, the largest increase since October 2005). Food costs surged 10.4%, the most since February 1981, with food at home jumping 12.2%, the most since April 1979. Prices also increased significantly for shelter (5.6%, the most since February 1991), household furnishings and operations (9.5%), new vehicles (11.4%), used cars and trucks (1.7%), and airline fares (34.1%) [U.S. Bureau of Labor Statistics, as reported in

Given what you have learned in Chapter 15 of the text and the information above, do you think like a Keynesian or a Monetarist? In your argument, cite an example from a current news article that helps you make your case.