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THE MONETARY THEORIES OF MILTON FRIEDMAN AND J. M. KEYNES: A COMPARISON (LIQUIDITY TRAP, PRICE THEORY).

机译:密尔顿·弗里德曼和米·凯恩斯的货币理论:比较(流动性陷阱,价格理论)。

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摘要

For two decades, Milton Friedman has contended that the monetary theory of John Maynard Keynes is highly special, applicable only to conditions of deep depression. He continues to cite Keynes' dependence on a condition of absolute liquidity preference, commonly called the liquidity trap, as the theoretical basis for Keynes' unemployment "equilibrium." Friedman believes that Keynes' The General Theory was based on this underlying premise, so that its results are corrected only in this special circumstance. Therefore, Friedman contends that Keynes regarded monetary policy as ineffective. Additionally, Friedman criticizes all economists in the Keynesian tradition because they adopt a narrow "credit" view of monetary policy while his theory is based on a broad "monetary" view.;The conclusions of the study are: that Friedman is incorrect in his charges that the liquidity trap is the basis for unemployment in The General Theory, that Keynes' monetary theory is very similar to the one which Friedman espouses, and that Keynes' monetary policy view regards changes in the supply of money as a potent tool for maintaining a high level of employment.;This study investigates Friedman's charges in reference to Keynes' The General Theory, and in the process a study is made of Keynes' and Friedman's monetary theories. The result is a presentation of the fundamental differences of the two monetary theories. Additionally, Keynes' monetary policy prescriptions from The General Theory are discussed to investigate further any possible basis for Friedman's criticisms.
机译:二十年来,弥尔顿·弗里德曼一直认为约翰·梅纳德·凯恩斯的货币理论是非常特殊的,仅适用于严重萧条的情况。他继续引用凯恩斯对绝对流动性偏好条件(通常称为流动性陷阱)的依赖作为凯恩斯失业“均衡”的理论基础。弗里德曼(Friedman)认为,凯恩斯(Keynes)的《通论》(General Theory)是基于这一基本前提的,因此其结果仅在这种特殊情况下才能得到纠正。因此,弗里德曼认为凯恩斯认为货币政策无效。另外,弗里德曼批评凯恩斯主义传统中的所有经济学家,因为他们采用狭义的“信贷”货币政策,而他的理论则基于广义的“货币”观点。研究的结论是:弗里德曼的指控是错误的。通用理论认为流动性陷阱是失业的基础,凯恩斯的货币理论与弗里德曼所主张的理论非常相似,凯恩斯的货币政策观点将货币供应量的变化视为维持货币供应量的有效工具。本研究参照凯恩斯的《通论》调查弗里德曼的指控,并在此过程中对凯恩斯和弗里德曼的货币理论进行了研究。结果表明了两种货币理论的根本差异。此外,讨论了《通论》中凯恩斯的货币政策规定,以进一步研究弗里德曼批评的任何可能依据。

著录项

  • 作者

    TAYLOR, MILLICENT MOULDER.;

  • 作者单位

    The University of Tennessee.;

  • 授予单位 The University of Tennessee.;
  • 学科 Economic theory.
  • 学位 Ph.D.
  • 年度 1985
  • 页码 206 p.
  • 总页数 206
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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