Abstract
Though the real challenge to Keynes lay in the ‘invisible’ elements of Friedman’s counter-revolution, the subsequent monetarist — ‘Keynesian’ debate has been conducted entirely in terms of the ‘visible’ elements, which are alternative formulations of empirical relationships that have their counterpart in the ‘Keynesian’ model.
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Notes and References
D. Laidler, ‘Monetarism: An Interpretation and an Assessment’, Economic Journal (March 1981) p. 3. and references cited.
See D. Patinkin, ‘Friedman on the Quantity Theory and Keynesian Economics’, Journal of Political Economy (Sept.–Oct. 1972) p. 886; also Anticipations of the General Theory? (Oxford: Blackwell, 1982).
M. Friedman, ‘Comments on The Critics’, Journal of Political Economy (Chicago, 1972).
M. Friedman, The Counter Revolution in Monetary Theory (London: IEA, 1970) p. 24.
‘Since we regarded prices as flexible, though not “perfectly” flexible, it was natural for us to interpret the transmission mechanism in terms of relative price adjustments over a broad area rather than in terms of narrowly defined interest rates’. M. Friedman, A Theoretical Framework for Monetary Analysis, Occasional Paper 112 (New York: NBER, 1971) pp. 27–9.
Friedman, ‘Comments on The Critics’, p. 944. The reference is to J. M. Keynes, A Tract on Monetary Reform (London: Macmillan, 1923) p. 51.
James Tobin, ‘The Monetarist Counter-Revolution Today — An Appraisal’ Economic Journal (March 1981) p. 34.
N. Kaldor, The Scourge of Monetarism (Oxford: Oxford University Press, 1982).
See the penetrating review by R. L. Harrington: ‘Monetarisms’: Real and Imaginary — A Review Article’, Manchester School (March 1983) pp. 63–71.
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© 1989 Gordon A. Fletcher
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Fletcher, G.A. (1989). Monetarism II: Monetarism, Keynes and the ‘Keynesians’. In: The Keynesian Revolution and its Critics. Keynesian Studies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20108-2_17
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DOI: https://doi.org/10.1007/978-1-349-20108-2_17
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