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The Wacky World of Mark II Monetarism

In: Full Employment without Inflation

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  • Tim Hazledine

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.

Suggested Citation

  • Tim Hazledine, 1984. "The Wacky World of Mark II Monetarism," Palgrave Macmillan Books, in: Full Employment without Inflation, chapter 4, pages 31-37, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17697-7_4
    DOI: 10.1007/978-1-349-17697-7_4
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