Papers on "The Failure of the Monetarist Model" and similar term paper topics

Paper #006023 :: The Failure of the Monetarist Model
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An examination of this economic theory, the influence it has had and the reason it failed.

Written in 2001; 3,100 words; 19 sources; MLA; $ 90.95

Paper Summary:

This paper looks at the reasons why the Monetarist Model failed as an explanation for the Great Depression. The model was based on a direct causal relationship between two factors and it fails to explain an assumed relationship between real wage rate movements and unemployment. The writer also examines how this theory, despite its failure, is being used in part to this day.

From the Paper:

"Monetarism was at the height of its influence on economy policy-making in the late 1970s and early 1980s and, although it has lost popularity considerably since that time, many aspects of its influence still remain in modern policy-making.
On October 24, 1929, the New York Stock Exchange crashed. This event heralded onset of the Great Depression, the most severe economic collapse in American History. From1929 to 1933 the nominal GNP fell 46% and the constant dollar GNP fell 33%. Unemployment reached an unprecedented 25% and did not fall below ten percent until WWII (Wheelock, 453-476). The causes for the Great Depression are still an area of great debate. Since then, several schools of thought have developed to explain the great depression and subsequently, the relationship between the various factors, which are theorized to have caused it, in an attempt to gain a better understanding of the forces that drive the American economy. One of these theories is the Monetarist model. The monetarist model failed, however, because it was based on a direct causal relationship between two factors. In this same manner, it fails to explain an assumed relationship between real wage rate movements and unemployment, which has not stood up to subsequent scrutiny. "

Tags: money monetary policy economy theory wage Depression Great stock market stable unemployment

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