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Laidler’s Monetarism

In: David Laidler’s Contributions to Economics

Author

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  • Perry Mehrling

Abstract

To understand Laidler’s work as a whole, we need to put ourselves in his shoes, and imagine what it was like to enter the profession during the years of Keynesian hegemony, when all of macroeconomics was supposed to be summarized by the simple two-curve IS-LM model, itself presumed to be an aggregative version of the Walrasian general equilibrium model, and when econometric estimation of multiple-equation versions of this simple model was seen as the epitome of empirical work in the field. With modern economic theory to guide their thinking, and modern computers to help them tie theory to the data, it seemed to many economists entirely possible that the business cycle could be conquered by science.

Suggested Citation

  • Perry Mehrling, 2010. "Laidler’s Monetarism," Palgrave Macmillan Books, in: Robert Leeson (ed.), David Laidler’s Contributions to Economics, chapter 5, pages 85-92, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24841-0_5
    DOI: 10.1057/9780230248410_5
    as

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