Abstract
Media debate on economic issues is naturally and justifiably inclined to over-simplification. The terms ‘monetarism’ and ‘Keynesian’ are often used freely without any clear specification of what these terms mean. The difference between them is summarised as that of ‘money matters’ or ‘money does not matter’. Unfortunately this disguises a host of complex differences and omits many similarities. In truth no economist, not even Keynesian, has argued that money does not matter; neither would a monetarist argue that money is the only thing that matters; it is more a question of emphasis than of extremes.
I am grateful to Professor Milton Friedman, Professor D. Collard, Professor E. Davis, Professor B. Tew and Professor D. O’Brien; I also wish to thank the Wincott Foundation and the British Academy for financial support on related research topics.
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© 1986 The British Association for the Advancement of Science
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Presley, J.R. (1986). Modern Monetarist Ideas: A British Connection?. In: Collison Black, R.D. (eds) Ideas in Economics. British Association for the Advancement of Science. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-18343-2_9
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DOI: https://doi.org/10.1007/978-1-349-18343-2_9
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