The Wacky World of Mark II Monetarism

Tim Hazledine

Chapter 4 in Full Employment without Inflation, 1984, pp 31-37 from Palgrave Macmillan

Abstract: Abstract In the ‘neoclassical synthesis’, unemployment is not a permanent problem. The economy is always tending towards full employment, but the wage and price stickiness that slows it down does justify some stabilising intervention by government. Thus, Keynes’ popularisers emasculated his revolution into a reform.1 This view seemed to fit the facts of the 1950s and 1960s well enough. As shown in Chapter 2, these years were dominated by ‘cycles’ — ups and downs in economic activity of a few years’ duration — which never strayed far from full employment.

Keywords: Monetary Policy; Money Supply; Rational Expectation; Aggregate Demand; Natural Rate (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-17697-7_4

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