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Q. What is Monetarism?
Monetarism:Monetarism was a right-wing economic theory (associated with work of Milton Friedman, in particular) which believed that inflation could be controlled or eliminated by strictly controlling, over long periods of time, growth of the total supply of money in the economy. This theory was proven wrong in 1980s (when it became clear that it is impossible, in a modern financial system, to control supply of money). More broadly, monetarism believes that inflation is a major danger to economic performance and must be controlled through disciplined policies; modern ‘quasi-monetarists' agree with this view, however now use high interest rates (instead of monetary targeting) to indirectly regulate the money supply.
What are the "three basic economic questions" that economists often address when examining how much economic output is formed? The three basic questions are: a) what is prod
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Corporatism: A system for managing income distribution andwage determination, in that wage levels are determined centrally (across industries or even whole countries) on the founda
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