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MILTON FRIEDMAN AND MONETARISM – CHANGING THE PARADIGMS IN ECONOMIC THEORY AFTER THE 70S OF THE XX CENTURY
Abstract
The purpose of this article is to present the theoretical postulates and practical recommendations of monetarism as an ideological trend in economic thoughts from the late 60s of the XX century. Based on the goal formulated in this way, the following research tasks are set. Firstly, to present the monetary perspective on the functioning of the economy as a counterpoint to the understandings of the supports of Keynesian concept. Secondly, to set out the views of one of the founders of the monetary trend in economic thoughts – Milton Friedman. In this sense, our attention is focused on the theory of permanent (constant) income, the theory of nominal income and the theory of cycles, inflation and unemployment.
Keywords
References
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