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Control of the Money Supply

In: Monetarism and the Demise of Keynesian Economics

Author

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  • G. R. Steele

    (University of Lancaster)

Abstract

The Monetarist view is that the four strands of budgetary policy — monetary, fiscal, interest rate and credit policy — ought not to be regarded as a basis for manipulating the behaviour of economic agents. The argument is that microeconomic principles show the effectiveness of market forces in achieving an efficient allocation of resources; and that these considerations are not compromised by any wider consideration, macroeconomic in kind. In particular, Friedman has argued that by seeking to keep monetary disturbances to a minimum, steady monetary growth would provide a monetary climate favourable to the effective operation of those basic forces of enterprise, ingenuity, invention, hard work and thrift that are the true springs of economic growth. (Friedman, 1968, p. 17)

Suggested Citation

  • G. R. Steele, 1989. "Control of the Money Supply," Palgrave Macmillan Books, in: Monetarism and the Demise of Keynesian Economics, chapter 8, pages 75-83, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09994-8_8
    DOI: 10.1007/978-1-349-09994-8_8
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