THE NEW CLASSICAL ECONOMY AND COUNTER-REVOLUTION OF THE MONETARISM

Krume Nikoloski
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Krume Nikoloski: GOCE DELCHEV UNIVERSITY - STIP, REPUBLIC OF MACEDONIA

Annals - Economy Series, 2016, vol. 3, 206-211

Abstract: The new classical economy as a school of economic thinking is developed on the basis of monetarism during 70’s and 80’s of the last century. At that time, monetarism as an extreme monetarist formulation had its golden era when it was necessary to maintain the money supply fairly stable, and that will increase slowly each year , mainly to allow natural growth of the economy. Monetarism spread in favor of economists, and the relationship between different measures of the money supply and inflation proved to be less clear than many monetary theories suggest. In this paper will be analyzed characteristics of monetary position, neglected role of money in Keynesian’s models, Phillips agreement for inflation / unemployment and the role of expectations.

Keywords: monetarism; money; counter-revolution; non-neutral money; inflation; unemployment (search for similar items in EconPapers)
Date: 2016
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