Monetarists - Introduction

Monetarists are a group of economists so named because of their preoccupation with money and its effects. The most famous Monetarist is Milton Friedman who developed much of the Monetarist theory we learn.

The Monetarist economists on whom we have focused on in the Virtual Economy are:

• Milton FRIEDMAN
• Friedrich August von HAYEK *

On each of these economists you will find some biographical details of their life and works, and a bit about the theories they developed or worked on.

* Hayek is often associated with Monetarists because of the nature of his views on money supply, but he disagreed with Friedman over many aspects of macroeconomics and methodology. We have classified him as a Monetarist here for simplicity.