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Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought...
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stagnation and high unemployment may have had his belief in a monetary explanation for the Great Depression shaken by the failure … of Britain's departure from the gold standard to cause a rapid recovery and reduce unemployment. This disappointment led …
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