The Scourge of Monetarism

Fülszöveg

This second edition retains the Radcliffe Lectures which were delivered by the author at the University of Warwick and the evidence he gave to the Treasury and Civil Service Committee although the text has been revised and updated wherever necessary. It also includes a new introduction which places Britain's experience of monetarism into a world context.
There are three strands in Kaldor's attack. First, he charts the effects of implementing the current British government's economic policy: rising unemployment, rising bankruptcies, and falling output. This he clainjs is quite unnecessary and produces arguments to counter the theory on which Government policy is based. Second, he shows that the close relationship between the quantity of money and the rate of inflation and the level of real income developed in theory by Milton Friedman has no basis in the empirical evidence. He further undermines monetarist theory by showing that the assumptions of the present Government about the... Tovább

Fülszöveg

This second edition retains the Radcliffe Lectures which were delivered by the author at the University of Warwick and the evidence he gave to the Treasury and Civil Service Committee although the text has been revised and updated wherever necessary. It also includes a new introduction which places Britain's experience of monetarism into a world context.
There are three strands in Kaldor's attack. First, he charts the effects of implementing the current British government's economic policy: rising unemployment, rising bankruptcies, and falling output. This he clainjs is quite unnecessary and produces arguments to counter the theory on which Government policy is based. Second, he shows that the close relationship between the quantity of money and the rate of inflation and the level of real income developed in theory by Milton Friedman has no basis in the empirical evidence. He further undermines monetarist theory by showing that the assumptions of the present Government about the importance of the supply side in improving the output of the economy, control of the money supply, interest rates, price levels, the PSBR and the exchange rate are all ill-founded. Third, he puts the current argument in a historical perspective, describing the previous monetarist experiment of 1931 and the abandonment of the deflationary, restrictive policy embarked upon to save the Gold Standard when, as it turned out, the Gold Standard could not be saved. Vissza