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Money theory implies that in the long-run the rate of inflation will equal the rate of growth of the money supply minus the rate of growth of real output. Coupled with this is a general opposition to discretionary policy, i.e. policy which can be varied at will by the government. This is regarded as more likely to be destabilizing and so should be replaced by non-discretionary fixed rules such as that of allowing the money supply growth rate to grow at the same rate as output. This therefore suggests a less active economic role for government.

Within the set of economists who would accept being termed monetarists’, there are differences in emphasis and some diversity of views; for example, not all believe in rational expectations. The above propositions however are the common core. The antecedents of monetarism can be traced back at least three hundred years. For example, there is a clear statement of point (b) in the writings of david hume. However, following the work of J. m. keynes in the 1930s almost diametrically opposed views, particularly in relation to economic policy, became dominant among economists. The revival of monetarism in its present form owes a great deal to the theoretical and empirical work of milton friedman and his co-workers at the University of Chicago.

Monetary compensatory amounts. green currency.

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