Is monetarism making a comeback? ...Middle East

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Is monetarism making a comeback?
Dennis Robertson, the late Cambridge economist, was fond of saying that economic fashion was like going to the greyhound races. If you stood still long enough, the old dogs would come around one more time. We have to wonder whether the same might be said of Milton Friedman’s fundamental view of inflation. Friedman famously said that inflation is always and everywhere a monetary phenomenon. He made this statement in his belief that inflation is and can be produced only by a more rapid increase in the quantity of money than in output. In the inflationary environment of the 1970s, Friedman’s ideas gained widespread support among economists. They did so to the point that many central ba

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