• Money matters centrally: "inflation is always and everywhere a monetary phenomenon" — the quantity theory restored (MV = PQ); money-supply growth drives inflation in the long run;
• Long-run neutrality of money (output returns to its real path); the expectations-augmented Phillips curve (the 1970s stagflation vindicating the critique of the Keynesian trade-off);
• Policy conclusion: rules over discretion (the k-percent money-growth rule; the central-bank independence movement); skepticism of fine-tuning (long and variable lags). The latersettlement (one line each): new classical (rational expectations, policy ineffectiveness), new Keynesian (sticky prices justifying stabilization) — the modern synthesis (inflation-targeting central banks + fiscal rules) being the peace treaty.