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Although the macroeconomic theory of j. m. keynes (c> macroeconomics) was concerned very much with showing that the level of real income, y, could not be assumed to remain constant at the full-employment level, it nevertheless retained the quantity theory of money in the form of the transactions demand for money, which is a component of the overall demand for money. The quantity theory was heavily criticized in the 1950s and early 1960s, however, and in the U.K. the radcliffe committee virtually abandoned it as a basis for economic policy. Criticism centred on the alleged constancy of V. Because of the existence of quasi-money near’ money), and because of the ingenuity of non-bank financial intermediaries in developing and extending forms of credit, it was argued that variations in the money value of total expenditure and income need not bear any stable relationship to variations in the quantity of money, i.e. V is unstable in the short-run. Thus, it was argued, what matters are the determinants of desired expenditure and the total liquidity in the economy. This leads logically to a Keynesian view of economic policy, which concentrates on the determinants of aggregate demand and stresses fiscal policy rather than monetary policy as methods of controlling the economy.

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