Copyright © Philip M. Parker, INSEAD. Terms of Use.
Definition: Monetarism |
MonetarismNoun1. An economic theory holding that variations in unemployment and the rate of inflation are usually caused by changes in the supply of money. Source: WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. |
Crosswords: Monetarism |
| English words defined with "monetarism": Friedman ♦ Milton Friedman. (references) |
(From Wikipedia, the free Encyclopedia)
Monetarism is a set of views concerning the determination of national income and monetary economics. These are areas of economics over which there are fundamental and often passionate theoretical disagreements. One has to keep in mind that there are as many views on economics as there are economists.
One thing that monetarists are not is new; they are simply a modern variation of the neoclassical school of economics which dominated the field from the 1870s to the Keynesian revolution of the 1930s and 1940s. Monetarists share the same essential view as the neoclassical school, that is, they reject theories of macro demand deficiencies and emphasize the efficiency of free markets; for instance, they believe that market forces act quickly to eliminate unemployment. Monetarists are new only in the sense that their theory is more sophisticated than that of their ancestors and that their doctrine has reasserted itself after a long period following 1945 in which Keynesians dominated both economics and economic policy.
The modern term 'monetarist' derives from the debate of the 1960s and 1970s concerning the role of money in determining aggregate demand. It is seen by many as a relatively narrow argument to motivate specific monetary reform, in particular, a "fine-turning" of measures to deal with inflation — while, its critics say, ignoring everything else, well being in particular.
The rise of monetarism within mainstream economics dates mostly from Milton Friedman's 1956 restatement of the quantity theory of money. Friedman argued that the demand for money depended in a stable and predictable manner on several major economic variables. Thus, if the money supply was expanded, people would not simply wish to hold the extra money in idle money balances; i.e., if they were in equilibrium before the increase, they were already holding money balances to suit their requirements, and thus after the increase they would have money balances surplus to their requirements. These excess money balances would therefore be spent and hence aggregate demand would rise. Similarly, if the money supply were reduced people would want to replenish their holdings of money by reducing their spending. Thus Friedman challenged the Keynesian assertion that 'money does not matter'; he argued that the supply of money does affect the amount of spending in an economy. Thus the word 'monetarist' was coined.
The rise of the popularity of monetarism in political circles accelerated as Keynesian economics seemed unable to explain or cure the seemingly contradictory problems of rising unemployment and inflation. On the one hand higher unemployment seemed to call for Keynesian reflation, but on the other hand rising inflation seemed to call for Keynesian deflation. The result was a significant disillusionment with Keynesian demand management.
Monetarists not only sought to explain contemporary problems; they also interpreted historical ones. Milton Friedman and Anna Schwartz in their book A monetary History of the United States, 1867-1960 argued that the Great Depression of 1930 was caused by a massive contraction of the money supply and not by the lack of investment as Keynes had argued. They also maintained that post-war inflation was caused by an over-expansion of the money supply. They coined the famous assertion of monetarism that 'inflation is always and everywhere a monetary phenomenon'. At first, to many economists whose perceptions had been set by Keynesian ideas, it seem that the Keynesian v. monetarist debate was merely about whether fiscal or monetary policy was the more effective tool of demand management. By the mid-1970s, however, the debate had moved on to more profound matters as monetarists presented a more fundamental challenge to Keynesian orthodoxy.
Monetarists sought to resurrect the pre-Keynesian view that market economies are inherently stable in the absence of major unexpected fluctuations in the money supply. Because of this belief in the stability of free market economies they asserted that active demand management (eg. by the means of increasing government spending) is unnecessary and indeed likely to be harmful. What are monetarists?
The rise of monetarism
Source: adapted by the editor from Wikipedia, the free encyclopedia under a copyleft GNU Free Documentation License (GFDL) from the article "Monetarism."
| Domain | Title |
Books | |
Source: compiled by the editor from various references; see credits. | |
| "Monetarism" is generally used as a noun (singular) -- approximately 96.83% of the time. "Monetarism" is used about 63 times out of a sample of 100 million words spoken or written in English. Its rank is based on over 700,000 words used in the English language. Some parts-of-speech are not covered due to the samples used by the British National Corpus. (note: percents less than one-hundredth of one percent have been omitted) |
| Parts of Speech | Percent | Usage per 100 Million Words | Rank in English |
| Noun (singular) | 96.83% | 61 | 43,149 |
| Noun (proper) | 3.17% | 2 | 245,945 |
| Total | 100.00% | 63 | N/A |
Source: compiled by the editor from several corpora; see credits.
| Hypenated Usage | |
Ending with "monetarism": post-monetarism. | |
| Source: compiled by the editor from various references; see credits. | |
| The following statistics estimate the number of searches per day across the major English-language search engines as identified by various trade publications. Hyperlinks lead to commercial use of the expression at Amazon.com. |
| Expression | Frequency per Day |
monetarism | 22 |
| Source: compiled by the editor from various references; see credits. | |
| Language | Translations for "monetarism"; alternative meanings/domain in parentheses. | ||||||||||||||||
German | monetarismus. (various references) | ||||||||||||||||
Japanese Kanji | マネーフロー分析 (kind of bicycle favored by housewives running errands around their neighborhood, mafia, maharaja, Mahatma, mahogany, Mahomet, malaria, Malibu, Mama, management, manager, mannequin, mannequin girl, manometer, maracas, maraschino, marathon, Maya, mayonnaise, money laundering, money market, money-flow analysis, moneymaker, muff, muffin, muffler, scarf). (various references) | ||||||||||||||||
Japanese Katakana | マネタリズ . (various references) | ||||||||||||||||
Pig Latin | onetarismmay монетаризм. (various references) ทฤษฎีเกี่ยวกับการเงิน. (various references) | ||||||||||||||||
Derivations | |
Words beginning with "monetarism": monetarisms. (additional references) | |
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"Monetarism" is suggested in spellcheckers for the following: magnetarium, monetarium, Montanism. (additional references) | |
| Source: compiled by the editor, based on several corpora (additional references). | |
| # of Phoneme Matches | Pronunciation | Word(s) rhyming with "monetarism" (pronounced mÄ"nuteri'zum) |
| 7 | -u t er i' z u m | militarism. |
| 6 | -t er i' z u m | boosterism, voluntarism. |
| 5 | -er i' z u m | adventurism, amateurism, aphorism, barbarism, consumerism, counterterrorism, futurism, mannerism, mesmerism, plagiarism, secularism, terrorism. |
| 4 | -i' z u m | abolitionism, absenteeism, absolutism, activism, agrarianism, alcoholism, altruism, anachronism, aneurism, animism, antagonism, astigmatism, atavism, atheism, authoritarianism, autism, baptism, bilingualism, bolshevism, botulism, cannibalism, capitalism, catechism, centralism, chauvinism, classicism, collectivism, colonialism, commercialism, communism, conservatism, corporatism, creationism, criticism, cronyism, cubism, cynicism, dandyism, defeatism, deism, despotism, determinism, diamagnetism, diastrophism, dimorphism, dogmatism, Druidism, dualism, dwarfism, dynamism, egalitarianism, egoism, egotism, electromagnetism, elitism, embolism, emotionalism, empiricism, entrepreneurialism, environmentalism, ergotism, eroticism, escapism, ethnocentrism, euphemism, evangelism, expansionism, expressionism, extremism, factionalism, fanaticism, fascism, fatalism, favoritism, federalism, feminism, ferromagnetism, fetishism, feudalism, formalism, fundamentalism, geotropism, gnosticism, gradualism, hedonism, helotism, heroism, hooliganism, humanism, hypnotism, idealism, illusionism, imperialism, impressionism, incrementalism, individualism, intellectualism, internationalism, interventionism, Irredentism, isolationism, isomorphism, jingoism, journalism, leftism, legalism, lesbianism, liberalism, lyricism, magnetism, masochism, materialism, mechanism, mercantilism, metabolism, methodism, microorganism, minimalism, modernism, monasticism, monism, monotheism, moralism, multiculturalism, multilateralism, mutualism, mysticism, narcissism, nationalism, nativism, naturalism, negativism, nepotism, neutralism, nihilism, obstructionism, opportunism, optimism, organism, ostracism, overoptimism, pacifism, paganism, parallelism, parkinsonism, parochialism, pastoralism, paternalism, patriotism, perfectionism, pessimism, pharisaism, pietism, pluralism, polymorphism, polytheism, populism, positivism, pragmatism, professionalism, protectionism, provincialism, puritanism, racialism, racism, radicalism, realism, recidivism, relativism, republicanism, revisionism, rheumatism, romanticism, sadism, satanism, sectarianism, sensationalism, separatism, sexism, skepticism, socialism, statism, stoicism, supernaturalism, surrealism, symbolism, synergism, territorialism, theism, tokenism, totalitarianism, tourism, truism, unionism, vandalism, vegetarianism, vigilantism, volunteerism, voyeurism. |
| 3 | -z u m | bosom, careerism, chasm, cytoplasm, enthusiasm, iconoclasm, ism, microcosm, neoplasm, orgasm, phantasm, prism, sarcasm, schism, spasm. |
Source: compiled by the editor (additional references); see credits. | ||
Scrabble® Enable2K-Verified Anagrams | |
| Words within the letters "a-e-i-m-m-n-o-r-s-t" | |
-1 letter: ammonites, mortmains. | |
-2 letters: ammonite, amniotes, amortise, atomiser, marmites, marmoset, minarets, misatone, misnomer, monstera, moraines, mortmain, notaries, onstream, raiments, rammiest, romaines, romanise, senorita, tonearms. | |
-3 letters: ammines, amniote, amorist, amosite, anestri, anomies, antsier, aroints, atomies, atomise, atomism, atoners, atonies, enamors, erasion, erotism, etamins, imarets, inmates, maestri, maestro, maimers, manitos, marines, marmite, marmots, martens, martins, matrons. | |
| Words containing the letters "a-e-i-m-m-n-o-r-s-t" | |
+1 letter: manometries, matrimonies, monetarisms. | |
+2 letters: anemometries, commentaries. | |
+3 letters: commiserating, commiseration, dynamometries, immoderations, memorizations, momentariness, nonmainstream, normothermias. | |
+4 letters: commemorations, commensuration, commiserations, ferromagnetism, immoderateness, incommensurate, magnetometries, metamorphosing, microanatomies, microfilaments, nonsymmetrical, spermatogonium, symmetrization, thermodynamics. | |
+5 letters: commensurations, commiseratingly, complementaries, enantiomorphism, excommunicators, ferromagnetisms, governmentalism, immunotherapies, melodramatising, momentarinesses, recommendations, semidocumentary, symmetrizations, transmissometer. | |
| Source: compiled by the editor from various references; see credits. SCRABBLE® is a registered trademark. All intellectual property rights in and to the game are owned in the U.S.A and Canada by Hasbro Inc., and throughout the rest of the world by J.W. Spear & Sons Limited of Maidenhead, Berkshire, England, a subsidiary of Mattel Inc. Mattel and Spear are not affiliated with Hasbro. | |
Hexadecimal (or equivalents, 770AD-1900s) (references)4D 6F 6E 65 74 61 72 69 73 6D |
| Leonardo da Vinci (1452-1519; backwards) (references)
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| American Sign Language (origins from 1620-1817 in Italy and, especially, France) (references)
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| Semaphore (1791, in France) (references)
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| Braille (1829, in France) (references)
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Morse Code (1836) (references)-- --- -. . - .- .-. .. ... -- |
| Dancing Men (Sir Arthur Conan Doyle, 1903) (references)
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Binary Code (1918-1938, probably earlier) (references)01001101 01101111 01101110 01100101 01110100 01100001 01110010 01101001 01110011 01101101 |
HTML Code (1990) (references)M o n e t a r i s m |
ISO 10646 (1991-1993) (references)004D 006F 006E 0065 0074 0061 0072 0069 0073 006D |
| British Sign Language (Fingerspelling, BSL; 1992, British Deaf Association Dictionary of British Sign Language) (references)
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Encryption (beginner's substitution cypher): (references)47818071866784758579 |
| Language | Coverage | Language Translations |
German | Übersetzung, Wörterbuch, Definition | ジプシー音楽 , ジャーマン , немецкий, าษาเยอรมัน, เยอรมัน |
Japanese Kanji | 辭典 , 辞典 , 字引 , 辞林 , 字書 , ディーゼル電気車 , 言海 , 辞彙 , 辞書 , 確定 , ディーゼル電気車 , デ'ドロ酢酸 , 翻訳 | japaner, japanisch, 邦語 , 邦人 , ジャスミン茶 , ほう", ジャパニーズ , ほうじ", японский, японец, คนญี่ปุ่น, าษาญี่ปุ่น, เกี่ยวกับญี่ปุ่น |
Japanese Katakana | じい, じびき, じて", ディクショナリー , じり", じしょ, '"かい, ディクショナリ , デフィニション , ディフィニション , ていぎ, かくてい, へい"ういどう, やくじゅつ, トランスレーション , やくしょ, やくしゅつ, "うどく, ほ"やく, ほ"やくしょ | japaner, japanisch, 邦語 , 邦人 , ジャスミン茶 , ほう", ジャパニーズ , ほうじ", японский, японец, คนญี่ปุ่น, าษาญี่ปุ่น, เกี่ยวกับญี่ปุ่น |
Russian | словарь, определение, трансляция, сдвиг, перевод, перемещение | Russe, russisch, ロシア語 , ロシア", русский, ชาวรัสเซีย |
Thai | พจนานุกรม | thailändisch, Thailänder, たい", าษาไทย, เกี่ยวกับคนไทย, ที่เกี่ยวกับประเทศไทย, คนไทย |
English | Dictionary, Definition, Translation | englisch, английский, เกี่ยวกับประเทศอังกฤษ, ชาวอังกฤษ, าษาอังกฤษ |
| 1. Definition 2. Crosswords 3. Usage: Commercial 4. Usage Frequency | 5. Expressions 6. Expressions: Internet 7. Translations: Modern 8. Derivations | 9. Rhymes 10. Anagrams 11. Orthography 12. Bibliography |
Copyright © Philip M. Parker, INSEAD. Terms of Use.
