Todays lesson objective : Align political ideology of each party with an economic theory. On the board, I outlined first the elements of Keynesian economic theory and explained how this theory aligns with liberal or democratic ideology. Second, I outlined the elements of the Austrian school of economics advocated by Hayek and noted its similarity to Adam Smith's free market approach. I explained how this aligns with conservative or Republican ideology . I further referenced the related theory of supply side economics. Last, I noted the elements of monetarist economics citing the writings of Milton Friedman. I noted how this theory aligns more with the conservative ideology rather than Keynesian economics.In this regard, I began to address the elements of monetary policy and the role of the Fed in regulating the money supply.