Laidler’s Monetarism

Perry Mehrling

Chapter 5 in David Laidler’s Contributions to Economics, 2010, pp 85-92 from Palgrave Macmillan

Abstract: Abstract To understand Laidler’s work as a whole, we need to put ourselves in his shoes, and imagine what it was like to enter the profession during the years of Keynesian hegemony, when all of macroeconomics was supposed to be summarized by the simple two-curve IS-LM model, itself presumed to be an aggregative version of the Walrasian general equilibrium model, and when econometric estimation of multiple-equation versions of this simple model was seen as the epitome of empirical work in the field. With modern economic theory to guide their thinking, and modern computers to help them tie theory to the data, it seemed to many economists entirely possible that the business cycle could be conquered by science.

Keywords: Monetary Policy; Money Demand; Chicago School; Quantity Theory; Dialectical Tension (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-24841-0_5

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DOI: 10.1057/9780230248410_5

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