During the 1930s, Fisher and the Chicago School Were Pre-Keynes Keynesians

During the 1930s, therefore, the Fisher-Chicago position was that, in order to cure the depression, the price level needed to be “reflated” back to the levels of the 1920s, and that reflation should be accomplished by:

1. the Fed expanding the money supply, and
2. the Federal government engaging in deficit spending and large-scale public works programs.

In short, during the 1930s, Fisher and the Chicago School were “pre-Keynes Keynesians,” and were, for that reason, considered quite radical and socialistic—and with good reason.

--Murray N. Rothbard, "Milton Friedman Unraveled," in Economic Controversies (Auburn, AL: Ludwig von Mises Institute, 2011), 906-907.