Patrick Minford
Patrick Minford is Professor of
Economics, Cardiff Business School,
Cardiff University from October 1997.
Between 1967 and 1976 he held
economic positions in the Ministry of
Finance, Malawi; Directors’ staff,
Courtaulds Limited; HM Treasury;
HM Treasury’s Delegation to
Washington, DC; Manchester
University; and The National
Institute for Economic and Social
Research. From 1976–1997, he was
Professor of Economics at Liverpool
University. A Member of the
Monopolies and Mergers Commission
1990–96, he was also one of HM
Treasury’s Panel of Forecasters (‘Six
Wise Men’) January 1993–December
1996. He was awarded the CBE for
services to economics, 1996. He is
Director of the Liverpool Research
Group in Macroeconomics, which
publishes forecasts of all major
economies monthly, together with
policy and investment advice. He is
the author of books, articles and
journalism on exchange rates,
unemployment, housing and
macroeconomics.
Papers Published in World Economics:
Monetarism
This paper offers a retrospective on the monetarist debate started by Milton
Friedman in the 1950s, discussing both monetarist theory and policy
recommendations. While the inability to find a controllable monetary aggregate
with a velocity that can be accurately predicted has severely damaged the
monetarist case, on other issues, such as the importance of changes in the
monetary growth rate and the need to control inflation, the monetarist challenge
to Keynesian orthodoxy was successful and made a central contribution to the
currently prevailing macroeconomics.
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