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June 01, 2012

Comments

bkmacd

What exactly does:

"Money has always been a central problem for neoliberalism, which neoliberals have sought to deal with through limiting its supply (monetarism)"

Mean. Because it reads like gibberish.

Will Davies

That monetarism sought to target a particular level of money supply, in order to reduce inflation. Am I wrong?

bkmacd

eh. more a particular rate of chance of the money supply, which has now been expanded into targeting a particular expectation of a particular rate of change...

It's just a really strange and narrow way of looking at monetarism. It's sorta like saying that Einstein's Theory of General Relativity was always a core problem to Mid-Century Anthropologists. I mean, maybe they're related, but neither is really core to the other.

I just don't see how money is a central problem for neoliberalism, insofar as the medium of exchange and account has been around for way longer than that.

It isn't like there is a cohent Liberal philosophy of money that stands in opposition to the idea that the money supply is really important for determining aggregate economic activity.

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