One of the ideas that found a permanent place in macroeconomics after Milton Friedman's presidential address to the American Economic Association in 1967 was that

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Friedman argued that people's expectations about economic events affect economic outcomes. This idea became known as the "Friedmanite" theory of expectations, and it had a significant impact on macroeconomic theory and policy. Friedman believed that if people expected inflation, for example, they would increase their demands for higher wages and prices, leading to further inflation. Conversely, if people expected deflation, they would reduce their demands for wages and prices, leading to further deflation. As such, he argued that controlling inflation required not only monetary policy but also managing expectations.

One of the Ideas That Found a Permanent Place in Macroeconomics