Milton Friedman (1912–): Monetarism and its Critics

Gianni Vaggi and Peter Groenewegen
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Peter Groenewegen: University of Sydney

Chapter 34 in A Concise History of Economic Thought, 2003, pp 319-324 from Palgrave Macmillan

Abstract: Abstract Monetarism is a doctrine which suggests that money has a major influence on both the level of economic activity and the price level, and that the objectives of monetary policy are best realised by targeting the rate of growth of money supply. As such, monetarism has strong affinities with the quantity theory of money, particularly as exposited by Wicksell (above, Chapter 25) and Irving Fisher (above, Chapter 26), but its modern variant is largely associated with the work of Milton Friedman. In 1976, this, and his other contributions to economics, gained him the Nobel Prize in Economics; his contributions to monetarism also made him one of the most controversial writers on economic policy in the post-Second World War period.

Keywords: Monetary Policy; Real Wage; Money Supply; Economic Agent; Phillips Curve (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50580-3_34

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DOI: 10.1057/9780230505803_34

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