Monetaristi

Monetaristi is a term used to refer to economists who adhere to monetarism, a school of macroeconomic thought that emphasizes the role of money in the economy. Monetarists believe that changes in the money supply are the primary driver of inflation and economic growth. They advocate for stable and predictable growth in the money supply, often suggesting that central banks should follow a fixed rule for monetary expansion rather than engaging in discretionary policy.

Key figures associated with monetarism include Milton Friedman, who argued that inflation is always and everywhere a monetary phenomenon. Monetarists often criticize Keynesian economics for its focus on fiscal policy and its perceived tendency to lead to excessive government intervention and inflation. They tend to favor free markets and limited government intervention in the economy.

Monetarists believe that the velocity of money, the rate at which money changes hands, is relatively stable. This stability, combined with the direct relationship between money supply and nominal GDP, forms the basis of their arguments. If the money supply grows faster than the real output of goods and services, inflation is expected to result. Conversely, a contraction in the money supply can lead to deflation or recession.

While monetarism had a significant influence on economic policy in the late 20th century, particularly in the United States and the United Kingdom, its dominance has waned. However, its core ideas continue to inform modern macroeconomic debates, especially concerning the role of monetary policy in managing inflation and economic stability.