Schwartz put ten years of detective work into the project, which helped found the monetarist theory of economics. “Not only by gathering new data but by coming up with new ways to measure information, ...

Inside Thatcher’s Monetarism Experiment: The Promise, the Failure, the Legacy by Tim Lankester Policy Press £19.99, 228 pages Giles Wilkes, a former adviser in Downing Street, is now senior ...

Monetarist theory is governed by a simple formula: MV = PQ, where M is the money supply, V is the velocity (number of times per year the average dollar is spent), P is the price of goods and ...

Monetarism builds on the Keynesian theory by assuming the same macroeconomic framework and integrating the equation of exchange (with V swinging cyclically, as Keynes argued), but instead focuses ...

The theory was particularly attractive at a time when inflation was regularly running into double digits. Milton Friedman, monetarism’s most prominent advocate, said “inflation is always and ...

Opinion Policy Economy Review None of us are monetarists any more Milton Friedman was a leading economic figure of the 20th century, but his monetary policy theory didn’t work in practice.

Jennifer Burns’ new book, Milton Friedman: The Last Conservative, reviews the economist’s astonishing career and reminds us just how much his influence still looms large over the economics profession ...

The subject of macroeconomics evolved post World War II (WW-II), after John Maynard Keynes’s book General Theory of Employment, Interest and Money was published. Macroeconomists divided the ...

The monetarist definition of inflation as a rise in so-called “money supply” is just a variation of the Phillips Curve that says economic growth is inflationary. It’s not.

Disciples of Milton Friedman are delighted: Monetarism seems to be working again, three decades after the economic theory was ditched as the guiding light of central bank policy. Their happiness ...