"Monetarism" Is Confirmation That Economists Never Got The Joke The resurgence of monetarism among some economists is a stark reminder that, despite their claims to precision and objectivity, they remain prone to the same ideological pitfalls as their predecessors.
This notion relies on a simplistic understanding of economics, viewing the creation and distribution of money as a top down process controlled by central banks.
Monetarists believe that central banks can dictate the amount of money in circulation, thereby controlling inflation and growth.