monetarist vs Keynesian

Question 1

monetarist attitude to unemployment and inflation

Answer 1

not worry about rising unemployment (or fall in output)
As long as inflation was kept low
Believed that a bit of unemployment was generally healthy for the economy

Question 2

monetarist can be seen as more

Answer 2

new right
economy focused rather than social costs
Thatcherites (Thatcher and her people)

Question 3

Keynesian attitude to unemployment and inflation (opposite to monetarist)

Answer 3

Would not worry about inflation (unless got too high)
As long as unemployment kept low
Believe that a bit of inflation generally healthy for the economy

Question 4

Keynesian can be seen as more

Answer 4

socialist - cared about social implications
-disliked by Thatcher and her cabinet

Question 5

what happened in march 1981?

Answer 5

364 eminent British economists published a letter to Margret Thatcher in The Times

Question 6

the 364 British economists that published a letter to Thatcher in the times what did this say?

Answer 6

condemn her plans to hike taxes even as her monetarist attack on inflation plunged economy into recession

Question 7

who were the two economists that supported Thatcher’s programme?

Answer 7

Alan Walters + Patrick Minford