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A Critical Look at Monetarist Economics - Review
Until just a few years ago, the viewpoint which lately has come to be known as "monetarist" was not taken very seriously by anyone except a few dedicated disciples. Its central postulate that changes in the level of aggregate money income were due essentially to prior money stock changes—was viewed as a totally inadequate oversimplification, especially since the proponents of this approach failed to provide an adequately detailed explanation of the theoretical structure upon which this tenet was based.
research.stlouisfed.org/.../publications/review/1972/01/01/a-critical-look-at-monetarist-economics
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