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Topic: Monetarism


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  Monetarism - HISTORY AND BACKGROUND, THE MONETARIST COUNTERREVOLUTION, KEY MONETARIST PROPOSITIONS
Monetarism asserts that monetary policy is very powerful, but that it should not be used as a macroeconomic policy to manage the economy.
First of all, it should be noted that monetarism was an attempt by conservative economists to reestablish the wisdom of the classical laissez faire recommendation and was an attack on the activist macroeconomic policy recommendations of the Keynesian economists.
At a more theoretical level, proponents of monetarism argue that investment (a component of private sector demand) is very sensitive to changes in interest rates, whereas the demand for money (the amount of money people want to hold in cash and checkable deposits for various purposes) is not very sensitive to changes in interest rates.
www.referenceforbusiness.com /encyclopedia/Mor-Off/Monetarism.html   (5813 words)

  
 Monetarism - Wikipedia, the free encyclopedia
Monetarism is a set of views concerning the determination of national income and monetary economics.
Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of liberal economists to accept Keynesian economics and then critique it on its own terms.
Monetarism is an economic theory which focuses on the macroeconomic effects of the supply of money and central banking.
en.wikipedia.org /wiki/Monetarism   (2692 words)

  
 Monetarism   (Site not responding. Last check: 2007-10-13)
Monetarism is based on the work of Milton Friedman, who was among the generation of conservative economists to accept Keynesian theory and then critique it on its own terms.
The rise of the popularity of monetarism in political circles accelerated as Keynesian economics seemed unable to explain or cure the seemingly contradictory problems of rising unemployment and inflation in response to the collapse of the Bretton Woods Conference in 1972 and the oil shocks of 1973.
Monetarism dominated central bank policy in western governments during the 1980s, regardless of the left/right orientation of the political party in power.
monetarism.iqnaut.net   (2499 words)

  
 monetarism
Monetarism is the economic doctrine established by Milton Friedman, that the money supply, the total amount of money circulating in an economy, whether as currency or bank balances, is the chief controller of the level of economic activity.
Monetarism is closely associated with neo-conservatism, a version of liberalism that stresses free markets and individualism rather than the ‘welfare state’ vision that had become dominant in most western societies.
Monetarism was supplanted by a variety of policies, such as “Micro-Economic Reform”, which emphasized the need to tackle the resistance of the working class in “hand to hand fighting” so to speak, with union-busting, unemployment, tougher management methods and divide-and-rule practices in the workplace.
sociologyindex.com /monetarism.htm   (1717 words)

  
 Monetarism - Search Results - ninemsn Encarta
Although “monetarism” is widely identified with a particular view of...
From the beginning of the 1970s Keynesianism came under fire from the new doctrine of monetarism (which was essentially a restatement of the...
Monetary policy is preferred by some economists, including the American Milton Friedman and other advocates of monetarism, and is followed by most...
au.encarta.msn.com /Monetarism.html   (133 words)

  
 Glossary: Monetarism   (Site not responding. Last check: 2007-10-13)
Monetarism is a school of economic thought that holds that the money supply is the main determinant of economic activity.
Monetarism's leading advocate is the economist Milton Friedman.
Central to monetarism is the equation MV = PQ.
www.thestreet.com /tsc/basics/tscglossary/monetarism.html   (208 words)

  
 HES: DISC -- Rise and Fall of Monetarism
It is not just monetarism in the sense of using control of the money supply to influence other variables that is at issue, but the general belief within central banks that they actually know something useful that can be employed to manage economies.
Monetarism, as in the application of the quantity theory to policy questions, is only one of the ways in which keeping prices within an acceptable band has been attempted.
The point about monetarism was that in theory anyway it gave policy makers in the present useful knowledge about the inflation rate at some stage in the future.
www.eh.net /pipermail/hes/2001-August/000584.html   (888 words)

  
 Monetarism   (Site not responding. Last check: 2007-10-13)
Critics of monetarism include both neo-Keynesians who argue that demand for money is not extrinsic to supply, and some conservative economists who argue that demand for money cannot be predicted.
Broadly speaking, monetarism is that school of economics which is based on the price stability model of money supply.
Though monetarism is commonly associated with conservative economics and economists, not all conservatives are monetarists, and not all monetarists are conservatives.
monetarism.kiwiki.homeip.net   (2630 words)

  
 Lecture Notes -- Monetarism
Monetarism is an economic school of thought that stresses the primary importance of the money supply.
Monetarism is an economic school of thought that stresses the primary importance of the money supply in determining nominal GDP and the price level.
Monetarism is a theoretical challenge to Keynesian economics that increased in importance and popularity in the late 1960s and 1970s.
www.econweb.com /MacroWelcome/monetarism/notes.html   (1733 words)

  
 Monetarism pocket   (Site not responding. Last check: 2007-10-13)
Monetarism is a school of thought in which its members share the view that fluctuations in economic activity are largely governed by fluctuations in the stock of money.
Monetarism became influential in the late 1960s and the 1970s, when inflation in the developed countries rose to double digit figures.
However, a key policy recommendation of monetarism is that low monetary growth is a necessary condition for low inflation.
www.thomsonlearning.co.uk /economics/iebm/monetarism.htm   (381 words)

  
 The Fault Lines of Monetarism
The mainstream position on inflation is a mixture of monetarism -- the doctrine that inflation is always caused by increases in the money supply -- and the belief in the so-called natural rate of employment -- that there is only one level of unemployment at which inflation is stable.
Monetarism is just such a temptation, and economists have fallen for it.
For professional economists, monetarism's simplicity and certainty enables them to believe in a fundamental law or rule of economics, which thereby lends status to the subject.
wfhummel.cnchost.com /bootlechapter8.html   (1073 words)

  
 HES: DISC -- Rise and Fall of Monetarism
Many of these initial supporters in the UK were also turned off monetarism by the savage recession that accompanied the first two years of the Thatcher government.
Monetarism under Volcker was also demand-side control of the monetary base.
On the economic front, the 1980s were a time when a cocktail of political monetarism, supply-side economics and public choice theory was applied to the UK economy.
www.eh.net /pipermail/hes/2001-July/002302.html   (575 words)

  
 The State of Monetarism
Monetarists and monetarism do not seem to be quite as popular as they were.
This article looks at what monetarism is about and what it currently contributes to the debate on economic policy.
Monetarism is the belief that changes in the quantity of money in circulation in an economy is a determinant of the level of national income.
www.bized.co.uk /educators/16-19/economics/govpol/lesson/monetarism1.htm   (1203 words)

  
 Financial Dictionary — Meaning for Monetarism
More realistic versions of monetarism acknowledge that the links between money and inflation are imprecise and long-term and that in the short run, monetary expansion can stimulate the economy.
Monetarism has its origins in the quantity theory of money, and was revived by Milton Friedman and others in the 1960s.
However, monetarism's star waned as it became clear that the theory was not a panacea for all economic ills and governments which had slavishly adopted it switched to less rigid versions of monetarism.
www.anz.com /edna/dictionary.asp?action=content&content=monetarism   (365 words)

  
 Telegraph | Comment | Friedman is dead, monetarism is dead, but what about inflation?
The list of libertarian reforms he urged is an impressive one: the abolition of the draft; the abolition of fixed exchange rates; vouchers to allow parental choice in education; tax credits instead of government handouts.
Nevertheless, it will be for monetarism — the principle that inflation could be defeated only by targeting the growth of the money supply and thereby changing expectations —; that Friedman will be best remembered.
I have a suspicion that the death of monetarism may be exagerated.
www.telegraph.co.uk /opinion/main.jhtml?xml=/opinion/2006/11/19/do1904.xml&sSheet=/opinion/2006/11/19/ixopinion.html   (2276 words)

  
 Monetarism
Thus Friedman challenged the Keynesian assertion that 'money doesn't matter'; he argued that the supply of money does affect the amount of spending in an economy, thus the word 'monetarist' was coined.
The rise of the popularity of monetarism in political circles accelerated as Keynesian economics seemed unable to explain or cure the seemingly contradictory problems of rising unemployment and inflation.
The political right then adopted monetarism as an intellectual undepinning of their wish to return to a laissez-faire approach to economic policy in which economic outcomes are left to be determined by the free play of market forces.
www.fastload.org /mo/Monetarism.html   (810 words)

  
 monetarism
Friedman and his adherents advocate a macroeconomic theory and policy that diverge significantly from those of the long-dominant Keynesian school.
Monetarism thus posited that the steady, moderate growth of the money supply could in many cases assure a steady rate of economic growth with low inflation.
Monetarism's linking of economic growth with rates of increase of the money supply was belied by the actual performance of the economy of the United States during the 1980s, however.
www.runet.edu /~nhashemz/econ105/monetarism.htm   (382 words)

  
 Monetarism
Monetarism reached the peak of its popularity during the 1970s.
Monetarism was tried in Great Britain during the 80s, under Margaret Thatcher, and it proved to be a disaster.
Such criticism was not renewed after monetarism failed in Britain, and Keynesian policies produced a seven-year boom in the U.S. The contrasting experience of those two nations was responsible for the demise of Friedman's theory.
www.huppi.com /kangaroo/L-chimonetarism.htm   (1471 words)

  
 FileRoom.org - Monetarism In Action
Description of Artwork: "Monetarism in Action," consisting of a large swastika covered with dollar bills,is a component of "The Root, Part One: Bitburg" which is the first installment of a thirteen part artwork concerned with negative historical influences on modern aesthetics in the United States.
Marshall Weber's swastika, "Monetarism in Action," hung in the window of the gallery where it was ripped down and damaged by another artist, Leonard Filgate, participating in the same show.
The work was then covered by a banner on the outside of the window from January 8 until January 20 when young vandals broke the panes of glass on the piece and removed all of the dollar bills from the swastika.
www.thefileroom.org /html/82.html   (260 words)

  
 Monetarism, by Allan H. Meltzer: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Monetarism, by Allan H. Meltzer: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Although monetarism is as alive and well as ever, considerable skepticism and contrary opinions can be found.
Some monetarists may have encouraged this behavior by making short-term forecasts (that often proved wide of the mark) and by overstating what monetarism could deliver.
www.econlib.org /library/Enc/Monetarism.html   (3275 words)

  
 macroblog: Is Monetarism Dead?   (Site not responding. Last check: 2007-10-13)
It was his emphasis on people's expectations that was the key; for that was what translated monetary expansion into higher prices (with positive effects on employment and incomes lasting only as long as it took people to wise up)...
it will be for monetarism — the principle that inflation could be defeated only by targeting the growth of the money supply and thereby changing expectations — that Friedman will be best remembered.
Monetarism, by contrast, predeceased Milton Friedman by nearly two.
macroblog.typepad.com /macroblog/2006/11/is_monetarism_d.html   (1588 words)

  
 Black Gold and 21st Century Monetarism - Raise the Hammer
Late 20th and early 21st century monetarism played gold-averse for quite a while: from about 1985-2005 almost any finance minister of the International Community, those hands-on former business chiefs or party hack politcians who have become their nation's Mr.
In the early 1980s, when really vintage monetarism came back out of the mists of time to rule for a 20-year eyeblink in human history, the world was coming down and out of the 1979-1981 frenzy.
Monetarism is an age-old dogma, and needs no facts and figures.
www.raisethehammer.org /article/300   (2840 words)

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