Polityka monetarna w ujęcia Keynesa i Friedmana

Urszula Zagóra-Jonszta

doi:10.35765/hp.2427

Published : 2023-12-31

Vol. 14 No. 49 (2023)

Polityka monetarna w ujęcia Keynesa i Friedmana

Urszula Zagóra-Jonszta

https://orcid.org/0000-0003-4904-1025

DOI: https://doi.org/10.35765/hp.2427

Section: Articles Varia

Abstract

RESEARCH OBJECTIVE: The aim of this article is to compare the approach to monetary policy of two of the most outstanding economists of the 20th century: Milton Friedman and John Maynard Keynes.

THE RESEARCH PROBLEM AND METHODS: The article uses the method of analyzing the works of Keynes and Friedman, as well as the publications of other contemporary authors, the two approaches to monetary policy have been compared.

THE PROCESS OF ARGUMENTATION: Friedman was a liberal who believed in the efficient functioning of the market mechanism; Keynes was an advocate of state intervention. The argumentation of both economists in the field of monetary policy was the result of the priorities they set for economic policy. For Keynes, the most important thing was the fight against unemployment, for Friedman – against inflation. Keynes preferred fiscal policy to be more effective in leading the economy out of crisis, Friedman preferred a monetary policy at countracting inflation.

RESEARCH RESULTS: The position of both economists on monetary policy was different. The topicality od the Keynesian approach in the years of the last financial crisis was also noted. After its end, however, a more liberal monetary policy was resumed.

CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: The article is a contribution to the research on the development of modern economic theory, presenting two diffderent concepts of monetary policy.

Keywords

John Maynard Keynes ; Milton Friedman ; monetary policy ; comparative analysis

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