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:


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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