The Rise and Decline of Monetarism
The great revival of “monetarism” in the 1970’s, culminating in the adoption of the strict prescriptions of the monetarist creed by a number of Western governments at the turn of the decade – particularly by President Reagan’s administration in the U.S. and Mrs. Thatcher’s in Great Britain – will, I am sure, go down in history as one of the most curious episodes, comparable only to the periodic outbreaks of mass hysteria (such as the witch hunts) of the Middle Ages. Indeed I know of no other instance in economics where an utterly false doctrine concerning the causation of economic events had such a sweeping success in a matter of a few years.
A lecture delivered on the 5th of June, 1986 in Helsinki by invitation of STS-bank and Labour Institute for Economic Research (TTT).
- ISSN: 0357-9603
- ISBN: 951-9281-59-2
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