Mr Hicks and the "Monetarists"

It is a great privilege to open a conference in honor of Sir John Hicks. Among his many contributions to economics, none has been more influential than his interpretation and restatement of Keynesian theory in "Mr. Keynes and the 'Classics." So many textbooks and articles have adopted the framework, first presented in that paper, it has become the standard statement of macro-economic theory. Few dispute its place. Restatements, amendments, and modifications have neither obliterated the main features of Hicks1 presentation, nor successfully altered many of the main propositions.