Political prisoner, activist, journalist, hymn-writer, emerging thinktanker, aspiring novelist, "tribal elder", 2019 parliamentary candidate for North West Durham, Shadow Leader of the Opposition, "Speedboat", "The Cockroach", eagerly awaiting the second (or possibly third) attempt to murder me.
Wednesday, 11 May 2011
Paying The Price II
"Monetarism can be harsh, but it keeps down inflation." Yer what?
Can you think of anything significant that has happened since 2009? A change of Chancellor, perhaps?
And the monetarist attempt to control inflation by targetting the money supply in the early 1980s in the US (1979-1982) was a total disaster.
Monetarist macrotheory is fundamentally flawed, as our broad money stock is endogenous, and the sources of inflation are far more complicated than the simplistic equation MV = PT.
And the monetarist attempt to control inflation by targetting the money supply in the early 1980s in the US (1979-1982) was a total disaster.
ReplyDeleteMonetarist macrotheory is fundamentally flawed, as our broad money stock is endogenous, and the sources of inflation are far more complicated than the simplistic equation MV = PT.
http://socialdemocracy21stcentury.blogspot.com/2010/07/quantity-theory-of-money-critique.html