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Monetarism and Market Clearing

In: David Laidler’s Contributions to Economics

Author

Listed:
  • Michel De Vroey
  • Hans-Michael Trautwein

Abstract

The 1970s and the 1980s were marked by fierce controversies between Keynesian and monetarist economists.1 A quarter of a century later, the macroeconomics scene has changed dramatically with the dethroning of Keynesian macroeconomics and its replacement by new classical macroeconomics and real business-cycle models. This evolution can be encapsulated as the rising of Walrasian macroeco-nomics.2 A reshuffling of standpoints has ensued. In the face of this new way of practising macroeconomics, the old foes of Keynesianism and monetarism have discovered that they have more in common than they previously believed, in particular that they share the same Marshallian affiliation.

Suggested Citation

  • Michel De Vroey & Hans-Michael Trautwein, 2010. "Monetarism and Market Clearing," Palgrave Macmillan Books, in: Robert Leeson (ed.), David Laidler’s Contributions to Economics, chapter 11, pages 235-265, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24841-0_11
    DOI: 10.1057/9780230248410_11
    as

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