Groźba recesji a monetarystyczna ortodoksja w ekonomii i polityce gospodarczej
Debt problems of european countries

Summary/Abstract: Milton Friedman and other monetarists advocate a macroeconomic theory and policy that diverge significantly from those of the Keynesian school. The monetarist approach became influential during the 1970s and early ’80s. One monetarist policy conclusion is the rejection of fiscal policy (which is strongly advocated by the Keynesians) in favour of a “monetary rule”. Despite much opposition, „Monetarist experiments” were conducted in the late 1970s and early 1980s in several Western countries notoriously, the US and the UK. In 1979, soon after the ascendancy of Paul Volcker as chairman of the Federal Reserve in the United States and Margaret Thatcher as Prime Minister in Great Britain, interest rate targets were dropped in favor of money supply targets and „disinflation” was begun. The critics of Friedman’s policy (including Paul Samuelson) turned out to be correct: there was a long, painful recession with double-digit unemployment - by far the worse recession since the 1930s - and inflation seemed to survive.

• Details
• Contents