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The Rise and Fall of Monetarism

In: Competing Schools of Economic Thought

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  • Lefteris Tsoulfidis

    (University of Macedonia)

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.

Suggested Citation

  • Lefteris Tsoulfidis, 2009. "The Rise and Fall of Monetarism," Springer Books, in: Competing Schools of Economic Thought, chapter 0, pages 301-324, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-92693-1_13
    DOI: 10.1007/978-3-540-92693-1_13
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