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The Great Divide? Keynes And Friedman On Employment Policy

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  • Sylvie Rivot

Abstract

This paper considers the economic policy advocated by Keynes and Friedman in relation to their particular theoretical framework. They have in common an opposition to fine-tuning of the economy. With regard to the contrasting strategies of rules versus discretion, both would be advocates of rules; they would both oppose short-term devices. There are nonetheless significant divergences over which rules are to be implemented. They also part company on the theoretical justification for these rules. Finally, their contrasting views on monetary and fiscal policies are explained by their respective conceptions of the running of a monetary economy.

Suggested Citation

  • Sylvie Rivot, 2012. "The Great Divide? Keynes And Friedman On Employment Policy," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 62, pages 223-251.
    • Handle: RePEc:cpo:journl:y:2012:i:62:p:223-251
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    More about this item

    Keywords

    Unemployment; structural policy; fiscal policy; monetary policy; adjustement-process; rules; discretion;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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