The first stage of Friedman's attack on Keynes was his effective though somewhat slippery critique of the idea that monetary and fiscal policy can be… - Paul Krugman

In effect, Japan in the Nineties offered a fresh opportunity to test the views of Friedman and Keynes regarding the effectiveness of monetary policy in depression conditions. And the results clearly supported Keynes’s pessimism rather than Friedman’s optimism.

If there were an Economist's Creed, it would surely contain the affirmations 'I understand the Principle of Comparative Advantage' and 'I advocate Free Trade'

In the court of conventional wisdom, Ronald Reagan stands accused of inflicting a huge burden of debt upon his country. He cut taxes on the rich, increased military spending, and failed to cut enough spending elsewhere to pay for his largesse. The result was a string of unprecedented peacetime deficits, and a debt that will be a drag on the national for decades to come.
Reagan is guilty as charged. The supply-side apologists' claim that some extraordinary economic success vindicates in spite of the deficits just doesn't hold up in the face of the evidence. The question, however, is whether the crime was a felony or a misdemeanor.
The answer proposed here will not satisfy those with a taste for drama. Reagan created a deficit, and it hurt American economic growth. But even if the effects of the visible deficit are supplemented with appeals to several alleged hidden deficits of the 1980s, the cost was not catastrophic. The deficit is not nearly the monster some people imagine.