Synonyms for Monetarist:

Famous quotes with Monetarist

• Although Hayek ascribed a primarily monetary source to economic fluctuations, he was not a monetarist as this term came to be used.

  Alan O. Ebenstein
• Friedman was right, on a very big issue. His insight deservedly raised his prestige and that of the Chicago School of economics to new heights, and gave his earlier, monetarist critique of Keynesianism new respectability. But it is important to realize the limits of what Friedman's analysis of stagflation achieved.

  Milton Friedman
• But this brings us to what I consider the fatal flaw in the monetarist prescriptions.  If the leader of the school cannot make up his own mind regarding what the most desirable rate of monetary increase should be, what does he expect to happen when the decision is put in the hands of the politicians?  …  The fatal flaw in the monetarist prescription, in brief, is that it postulates that money should consist of irredeemable paper notes and that the final power of determining how many of these are issued should be placed in the hands of the government—that is, in the hands of the politicians in office.  The assumption that these politicians could be trusted to act responsibly, particularly for any prolonged period, seems incredibly naive.  The real problem today is the opposite of what the monetarists suggest.  It is how to get the arbitrary power over the stock of money of the hands of the government, of the hands of the politicians.

  Henry Hazlitt
• Your friend, rather perversely I think, refers to the "disastrous results" that followed the monetary tightening of Volcker and other more monetarist-minded central bankers without even hinting at the facts that that the tightening was aimed at bringing down inflation rates, and that it succeeded remarkably well in doing precisely that.  In other words, the tightening did precisely what monetarism said it would do, and what monetarists' critics at the time, wedded to the view that monetary policy was ineffective, and that inflation was entirely caused by OPEC (or by unions, or by anything except monetary policy) insisted it could not do.  And yet your friend imagines that the experience proved the monetarists wrong!

  George Selgin
• No monetarist, certainly not Friedman, welcomed this side-effect of monetary restraint.  But then again, had Friedman been listened to earlier (and had the likes of Paul Samuelson been ignored), things would never have come to this tragic stage.  By way of analogy, should we blame those who would end the war in Iraq, and who opposed it all along, for the tragic consequences that are likely to follow any rapid U.S withdrawal?

  George Selgin

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