Monetarist, Keynesian and Quantity Theories
journal contributionposted on 1973-08-23, 00:00 authored by Allan MeltzerAllan Meltzer
In economics as in other developing sciences, change erodes the value of popular terminology. Monetarism is a name that has been given to a particular set of propositions at a particular point of time. Like Keynesianism, fiscalism, or the "Treasury view," the particular set of propositions called monetarism does not fully describe the body of thought accepted by a loosely knit group of practicing economists anymore than terms like Chicago, Cambridge or Austrian School describe the thought of all to whom the terms are applied. In the humanities, such connections are the subject of treatises; most economists are usefully employed at other, no less valuable, occupations.