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monetarism

An economic theory based on the view that the quantity of money is the main determinant of money incomes. This is often combined with the view that markets tend to clear, and that people ...

monetarism

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World Encyclopedia

Reference type:
Subject Reference
Current Version:
2004
Subject:
Encyclopedias
Length:
79 words

... Economic and monetary theory that argues changes in monetary stability are the principal causes of changes in the economy. It asserts the importance of controlling the money supply as the means of achieving a non-inflationary, stable economy capable of supporting high employment and economic growth. This theory is associated particularly with the theories advanced by Milton Friedman in the 1950s and 1960s. Monetarism exerted great influence on government policy in the UK and the USA during the...

monetarism

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A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
123 words

...monetarism An economic theory based on the view that the quantity of money is the main determinant of money incomes. This is often combined with the view that markets tend to clear, and that people form rational expectations . The theory led to the policy recommendation that the best contribution the government can make to stable economic growth is to keep the money supply growing steadily at a rate equal to the growth of aggregate supply plus any target rate of inflation, which may well be zero. In addition, the theory implies that attempts at demand management...

Monetarism.

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John A. James

The Oxford Companion to United States History

Reference type:
Subject Reference
Current Version:
2004
Subject:
History, Regional and National History
Length:
353 words

...Monetarism. The economic theory known as monetarism holds that the money stock exerts an important influence on economic activity and prices. Economists who embrace monetarism hold that changes in the quantity of money are crucial in increasing aggregate income and productivity in the short run, and the inflation rate in the long run. The University of Chicago economist Milton Friedman ( 1912 –) was the most prominent twentieth-century proponent of monetarism, but the theory's intellectual origins extend back more than two centuries to the quantity theory of...

monetarism

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A Dictionary of Contemporary World History (6 ed.)

Reference type:
Subject Reference
Current Version:
2021
Subject:
History, Contemporary History (post 1945)
Length:
336 words

...(and excess demand) has occurred. Monetarism denies, therefore, that the state can interfere in the real workings of the economy in the long run. Crucially, monetarism assumes that the market is perfect. Any disequilibrium or economic crisis that occurs is the result of constraints imposed on the market from outside. Social benefits distort the market, for instance, if they raise the price of labour beyond its natural market rate. In a monetarist economy, all the government can do is to hold the money supply constant using the interest rate, and to...

monetarism

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A Dictionary of Finance and Banking (6 ed.)

Reference type:
Subject Reference
Current Version:
2018

... A school of thought in economics that places money at the centre of macroeconomic policy. Based on the quantity theory of money , it relates the price level to the quantity of money in the economy. It claims that monetary factors are a major influence on the economy and that, in particular, government expansion of the money supply will tend to generate inflation rather than employment. This view was particularly associated with Milton Friedman ( 1912–2006 ) of Chicago University....

monetarism

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A Dictionary of World History (3 ed.)

Reference type:
Subject Reference
Current Version:
2015
Subject:
History
Length:
92 words

... A school of economics that emerged mainly in the 1960s and 1970s, with US economist Milton Friedman ( 1912–2006 ) as its leading exponent. It is a revival of the classical (pre-Keynesian) approach to macroeconomics. Monetarist models assume that money, prices, and wages are flexible but that aggregate output and employment will automatically tend towards an optimal equilibrium. Therefore government policy should concentrate on achieving and maintaining the stability of the price level, which monetarists believe depends on proper management of the money...

Monetarism

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John A. James

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013

... The economic theory known as monetarism holds that the money stock exerts an important influence on economic activity and prices. Economists who embrace monetarism hold that changes in the quantity of money are crucial in increasing aggregate income and productivity in the short run, as well as in determining the inflation rate in the long run. The University of Chicago economist Milton Friedman was the most prominent twentieth-century proponent of monetarism, but the theory's intellectual origins extend back more than two centuries to the quantity...

monetarism

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Dictionary of the Social Sciences

Reference type:
Subject Reference
Current Version:
2002
Subject:
Social sciences
Length:
589 words

... A school of economic thought that holds that the quantity of money in the economy has a major influence on economic activity and the price level. For monetarists, it follows that the best instrument of macroeconomic control is central bank control of the money supply. Monetarism is frequently associated with Milton Friedman and his influential study The Quantity Theory of Money—A Restatement ( 1963 ). Friedman argued that monetary policy was superior to Keynesian fiscal measures for stabilizing aggregate demand ( see Keynesian economics ). He...

monetarism

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The Handbook of International Financial Terms

Reference type:
Subject Reference
Current Version:
2005

... . The belief that an economy can be effectively managed by using monetary policy as the lead set of instruments, with fiscal policy playing a secondary or accommodating role. In the USA this school of thought is associated with the economist Milton Friedman ; in what has become known as the ‘Chicago school’; and in the UK with economists Alan Walters and Patrick Minford . It is a theory or model of macro-economic activity and especially the cause of inflation within a country that is based on the quantity theory of money . Simply put, money...

monetarism

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A Dictionary of Sociology (4 ed.)

Reference type:
Subject Reference
Current Version:
2015
Subject:
Social sciences, Sociology
Length:
131 words

... An economic theory that posits that the whole economy of a country can be managed through control of the money supply, that is, money in circulation or the cost of credit. The main policy levers are central bank operations to put more or less money in circulation; interest rates, which are raised and lowered to discourage or encourage credit purchases and bank loans; and direct government control over the volume of lending by banks and other financial institutions. Economists disagree as to the relative effectiveness of monetarist policies—as compared,...

Monetarism

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The Oxford Companion to Politics of the World (2 ed.)

Reference type:
Subject Reference
Current Version:
2004
Subject:
Social sciences, Politics
Length:
1,216 words

... . The concept of monetarism was initially devised to describe a school of economic thought that emphasizes the impact of the money supply on the rate of inflation and economic output, and it is now widely used to describe the economic policies of governments that have been influenced by this school of thought. The term monetarism was introduced in 1968 by the economist Karl Brunner to describe an approach to economics then being developed by economists in the United States, notably at the Federal Reserve Bank of St. Louis and the University of...

Monetarism

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Peter A. Hall

The Oxford Companion to Comparative Politics

Reference type:
Subject Reference
Current Version:
2012
Subject:
Social sciences, Politics
Length:
1,357 words

... The concept of monetarism was initially devised to describe a school of economic thought that emphasizes the impact of the money supply on the rate of inflation and economic output; it is also widely used to describe the economic policies of governments influenced by this school of thought. It is closely associated with the collapse of the Keynesian consensus in the 1970s and the resurgence of conservative economics during the 1980s. The term “monetarism” was introduced in 1968 by the economist Karl Brunner to describe an approach to economics then...

Monetarism

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Peter A. Hall

The Oxford Companion to American Politics

Reference type:
Subject Reference
Current Version:
2012
Subject:
Social sciences, Politics, Regional and Area Studies
Length:
1,358 words

... The concept of monetarism was initially devised to describe a school of economic thought that emphasizes the impact of the money supply on the rate of inflation and economic output; it is also widely used to describe the economic policies of governments influenced by this school of thought. It is closely associated with the collapse of the Keynesian consensus in the 1970 s and the resurgence of conservative economics during the 1980 s. The term “monetarism” was introduced in 1968 by the economist Karl Brunner to describe an approach to economics...

monetarism

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Ian Fraser

A Concise Oxford Dictionary of Politics and International Relations (4 ed.)

Reference type:
Subject Reference
Current Version:
2018
Subject:
Social sciences, Politics
Length:
231 words

... An economic doctrine which argues that changes in the supply of money in an economy cause changes in the general price level. Coupled with this is a stress on minimal economic intervention by government and an emphasis on the free play of market forces. The term was first coined by Karl Brunner in 1968 but its antecedents can be traced back to the quantity theory of money developed in the writings of classical theorists such as Locke and Hume . It was through the work of Milton Friedman , beginning in the 1950s, that the quantity theory was...

monetarism

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A Dictionary of Sports Studies

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Society and culture
Length:
178 words

... An economic doctrine favouring the autonomy and the free play of the market and market forces, and inherently unsympathetic to and in large part opposed to public sector expenditure. A monetarist sport policy may be a contradiction in terms, in that from a monetarist perspective sport as culture should be left to the initiatives of the voluntary sector or civil society , and the sport industry should be a part of the market economy. English prime minister Margaret Thatcher (in office from 1979 to 1990 ) was a confirmed monetarist who had no...

monetarism

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Australian Law Dictionary (3 ed.)

Reference type:
Subject Reference
Current Version:
2018
Subject:
Law
Length:
412 words

...monetarism An economic theory developed by Milton Friedman and his colleagues at the University of Chicago from the 1950s, which came into its own with the failure of Keynsianism during the petrol price shocks and recession of the 1970s, and the confounding problem of stagflation ( see keynesian economics ). Monetarism was incorporated into neo-liberalism (Thatcherism and Reaganism; see economic rationalism ) and remains the dominant economic ideology in Australian government institutions such as the Productivity Commission and Treasury, where...

gradualist monetarism

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A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
28 words

...gradualist monetarism The policy of stabilizing inflation by gradually decreasing the growth rate of the money supply until it approaches the real growth rate of the economy....

monetarism

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Fowler’s Concise Dictionary of Modern English Usage (3 ed.)

Reference type:
Subject Reference
Current Version:
2015

... , monetarist , monetary . These are pronounced with the first syllable as mun- in BrE and as mon- in...

monetarism

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Oxford Business French Dictionary: English-French

Reference type:
Bilingual Dictionary
Current Version:
2003
Subject:
Bilingual dictionaries
Length:
4 words
monetarism

monetarism n   Reference library

Oxford Business Spanish Dictionary: English-Spanish

Reference type:
Bilingual Dictionary
Current Version:
2003
Subject:
Bilingual dictionaries
Length:
4 words

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