Monetarism II: Monetarism, Keynes and the ‘Keynesians’

Though the real challenge to Keynes lay in the ‘invisible’ elements of Friedman’s counter-revolution, the subsequent monetarist — ‘Keynesian’ debate has been conducted entirely in terms of the ‘visible’ elements, which are alternative formulations of empirical relationships that have their counterpart in the ‘Keynesian’ model. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.