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Variations of this position are found in monetarism , public choice theory, and the belief of some new classical economists that involuntary unemployment does not exist.
Milton Friedman, the father of monetarism and free-market economics, sees little prospect of a return to the global deflation of the 1930s.
We've seen the effect of monetarism as a policy, over the past 35 years, on the conditions of life in the United States, in Western Europe, South and Central America, and so forth.
In fact monetarism proved to be unworkable, because whichever indicator of money supply was used, other forms of money went out of control.
His views were much more subtle then straightforward monetarism , but they are scattered through his writings and not systematically integrated.
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