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"Examine the major areas of disagreement between Keynesians and monetarists. Comment briefly on the view that their disagreements are as much a matter of ideology as of economics."
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"Examine the major areas of disagreement between Keynesians and monetarists. Comment briefly on the view that their disagreements are as much a matter of ideology as of economics." Claudia Hafenmayr, 020664947 Term 2 Module: Macroeconomic Analysis The Keynesian Theory was founded by John Mainard Keynes, who published "The General Theory of Employment, Interest and Money" in 1936. During the 1930s the Classical economic theory failed to state the reasons for the economic problems in the great depression. They could not explain why the economy settled into an equilibrium at a high rate of unemployment. While Keynes was convinced that because of imperfect markets a modern economy could be at equilibrium at any rate of unemployment. " [T]he postulates of classical theory are applicable to a special case only and not the general case, the situation which it assumes being a limiting point of the possible positions of equilibrium." (Keynes, 1936, p.6) He concluded that...
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