An important distinction between Friedman's and others' views of the demand for money is the former's emphasis on the

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Friedman's theory of the demand for money emphasizes the substitution between money and virtually all other goods and assets, not just financial assets. This broader perspective differentiates his view from others who might focus more narrowly on aspects such as the nominal interest rate or the substitution between money and other financial assets.

An Important Distinction Between Friedman's and Others' Views of the Demand