Map of Radzanowo on Employment theory: monetarism and the new classical economics. Without a doubt, Keynesian economic theory has made a lasting contribution to understanding the causes of fluctuations in national production and employment. Nevertheless, changes in the structure and institutions of modern market economies as well as ad- 246 employment theory vances in economic research have led to significant modification of Keynesian theory. Beginning in the early 1950s, a key competitor to Keynesian orthodoxy emerged. Led by Professor Milton FRIEDMAN of the University of Chicago, this challenge to Keynesian economics came to be labeled MONETARISM. In 1976, Friedman was awarded the Nobel Prize in Economics, largely for his work in developing the modern quantity theory of money. In distinct contrast to Keynesian theory that tends to downplay the influence of changes in the money supply on aggregate demand, output, and prices, the modern quantity theory asserts a strong and direct link. Map of Radzanowo 2016.
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