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From demand management to monetary control, sustainable budgets and supply‐side policy
Author(s) -
Minford Patrick
Publication year - 1999
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/1468-0270.00135
Subject(s) - monetarism , economics , supply side , monetary policy , inflation (cosmology) , demand side , control (management) , money supply , keynesian economics , supply and demand , demand management , macroeconomics , monetary economics , management , physics , theoretical physics
The monetarist revolution displaced Keynesian management in the 1970s and early 1980s. But because of the shift in thinking to rational expectations, the idea that information is used efficiently in forming beliefs about the economy, monetarism has evolved into a general policy preoccupation with proper budgeting and the supply side as well as with monetary‐policy rules that will both control inflation and help to stabilize the economy.