The Rise and Fall of Monetarism

Lefteris Tsoulfidis ()

Chapter Chapter 13 in Competing Schools of Economic Thought, 2009, pp 301-324 from Springer

Abstract: Abstract The purpose of this chapter is to present and critically evaluate the major propositions of the monetarist school of economic thought, that is, the school of economic thought according to which the quantity of money is the utmost important economic variable whose changes affect the behaviour of the entire economic system. Although the characterisation Monetarism was coined by Karl Brunner in 1968 to describe a school of economic thought that includes, besides Milton Friedman (1912–2006) and Anna Schwartz (1915–), Bruner himself and Allan Metzler among others, it is in fact a very old school of economic thought since its traces can be found in early nineteenth century. The University of Chicago clings to a free market tradition that restricts government’s intervention to a minimum and seeks to explain the major economic phenomena through a single variable, the supply of money.

Keywords: Monetary Policy; Central Bank; Real Wage; Money Supply; Monetary Authority (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/978-3-540-92693-1_13

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