Rahapohjaisuus

Rahapohjaisuus, sometimes translated as monetarism or money-based economics, is an economic theory that emphasizes the role of money supply in influencing economic activity and inflation. Proponents of rahapohjaisuus believe that controlling the amount of money circulating in an economy is the primary tool for achieving macroeconomic stability, such as stable prices and full employment. This school of thought emerged in contrast to Keynesian economics, which focuses more on government spending and fiscal policy to manage the economy.

Key tenets of rahapohjaisuus include the idea that changes in the money supply have a direct and predictable impact on nominal GDP. A rapid increase in the money supply is believed to lead to inflation, while a contraction can cause deflation or recession. Therefore, central banks should focus on managing the growth rate of the money supply to keep inflation in check. Monetarists often advocate for rules-based monetary policy, such as a constant growth rate of the money supply, rather than discretionary interventions. Milton Friedman is one of the most prominent figures associated with this economic perspective. While its influence has varied over time, the core ideas of rahapohjaisuus continue to be discussed and debated in modern economic policy.