Can anyone explains what monetarist economics, keynesian economics and austrian economics?
Monetarist economics is an approach to economic policy based on the identity MV=PT where: M is the total volume of money in circulation, defined in a particular way so that credit and near-money is included, V is the velocity of circulation of money, which measures the number of times money moves around the economic system in a time period; it measures the ease with which transactions can be made through payment methods; P is the average price level for goods and service, measured on an aggregated basis; if you like, it’s a measure of inflation; and T is the volume of transactions over a period of time, and is therefore a measure of output or income generation. In principle, manipulation of M is able to affect all the other variable by determining the overall level of economic activity. Recent refinements to this approach make it less easy to follow monetarist arguments but they seem to have gathered pace since about 1992, and now UK and USA governments appear to believe this simplisti
