Word: monetarist
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Finally, Lekachman challenges the fourth element of Reaganomics: tight money. At best, he argues, such a monetarist approach to inflation is problematic: No one really knows what the money supply in, and it's also impossible to control the enormous supply available in Eurodollar markets. In any case, the Administration's Thatcherian approach to Federal Reserve Policy flies in the face of its expansionary tax cuts. Tight money keeps interest rates high, thwarting the heralded supply-side investment boom and eroding investor confidence. Meanwhile, the jittery rich--hardly the bold innovators of George Gilder's mythology--put their tax cuts...
With a major part of the free world following monetarist economic strategies, Milton Friedman should be a candidate. Thatcherism and Reaganomics have changed more people's lives than any other event this year...
...Williams drew virtually the same percentage of switches from both Labor and the Tories. The Labor defections reflected the dismay in the party over the intense left-right struggle. The Tories' poor showing was seen as a repudiation of Prime Minister Thatcher's monetarist economic policies and a protest against the country's record unemployment...
Very little, in fact, was well. As her government reaches the midterm mark, Maggie Thatcher is under fire from virtually every direction. Her bold experiment to turn Britain's sluggish economy around by applying relentlessly monetarist policies has produced staggering 12% unemployment and a host of other alarming statistics. Her approval rating has dropped to 28%, a near-record low for any British Prime Minister. Worried over the prospect of running for re-election on the government's dismal record, a number of Tory backbenchers and some senior party members are openly revolting against her policies and questioning...
Selection committee officials made plain that the Nobel deliberations took no notice of recent attacks on Reaganomics by Tobin, a longtime opponent of the monetarist school of Milton Friedman, who received the Nobel Prize in 1976. Rather, they said, the $181,818 prize was awarded for Tobin's career-long academic contributions to economic science. Chief among these is Tobin's belief that money (cash and bank deposits) should not be sharply distinguished by economists from other financial and physical assets. Instead, Tobin views money as only one part of "a continuous spectrum of assets" that...