Dictionary of Arguments


Philosophical and Scientific Issues in Dispute
 
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Entry
Reference
Macroeconomics Muth Mause I 57f
Macroeconomics/MacroeconomicsVsMonetarism/MacroeconomicsVsKeynesianism/Muth/Lucas: Problems of monetarism or Keynesianism are the lack of explanation of wage and price rigidities or wage and price formation at all, or the arbitrary approach in modeling the expectations of economic entities. Ultimately, there was a lack of a microeconomic foundation for macroeconomics. The new Classical Macroeconomics, of which John F. Muth (1930-2005) and Robert E. Lucas (born 1937) are the main representatives tried to close this gap. Two assumptions are fundamental to this approach: On the one hand, it is assumed that expectations are rational, i.e. that the modelled economic entities utilize all information inherent in the model and therefore arrive at the same forecasts as the model itself. On the other hand, price flexibility and the permanent equilibrium of the markets are assumed. Accordingly, fluctuations in production and employment are not interpreted as imbalances but as a sequence of equilibrium positions.
New Classical Macroeconomics Thesis: There is no involuntary unemployment!
VsMuth/VsLucas/VsMacroeconomics: the macroeconomic problems observed were more or less defined away. There was no real foundation through a microeconomic approach.


Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018
Monetarism Friedman Brocker I 397
Monetarism/Friedman: Friedman became the founder of a "monetarist" economic policy which, due to its fixation on the money supply-inflation context and its relativization of the full employment target in the political spectrum of interests, was perceived as more right-wing and fought against by groups close to trade unions. Monetarism: A policy of steady money supply growth as a necessary and sufficient condition of macroeconomic stability, i.e. above all to preserve the value of money.
VsMonetarism: this is an apparently interest-led stabilisation strategy of capitalist economic relations that systematically limits the options for action of the factor labour: Market economy as a social order that is primarily committed to the freedom of capital.
MonetarismVsVs: this is misleading: Friedman's book Capitalism and Freedom is primarily about propagating scientific concepts and economic policy institutions that integrate politicians' decisions into a narrow regulatory system or - even better - make them superfluous. Friedman's thinking is (...) not directed against the freedom of the workers, but against the unrestricted scope for action of politicians, whose good intentions he did not necessarily doubted, but repeatedly doubted their competence. FriedmanVsFederal Banks, Trade UnionsVsFriedman.


Peter Spahn „Milton Friedman, Kapitalismus und Freiheit“, in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018

Econ Fried I
Milton Friedman
The role of monetary policy 1968


Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018