{"title":"The U.K. 1978-82 “monetarist experiment”: why economists still disagree","authors":"N. Healey","doi":"10.13133/2037-3651/11178","DOIUrl":null,"url":null,"abstract":"The reasons why economists disagree are complex. This paper is a case study in the limitations of empirical research as a means of resolving these differences. It reviews the evidence generated by the 1979-82 monetarist experiment and reveals the strategies different schools of thought have employed to construct radically different interpretations of events. Contrary to to Friedman’s famous dictum that “the differences between economists are empirical rather than theoretical”, this paper concludes that economists are divided by issues that run far deeper.","PeriodicalId":44488,"journal":{"name":"PSL Quarterly Review","volume":null,"pages":null},"PeriodicalIF":0.7000,"publicationDate":"2013-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"PSL Quarterly Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.13133/2037-3651/11178","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
The reasons why economists disagree are complex. This paper is a case study in the limitations of empirical research as a means of resolving these differences. It reviews the evidence generated by the 1979-82 monetarist experiment and reveals the strategies different schools of thought have employed to construct radically different interpretations of events. Contrary to to Friedman’s famous dictum that “the differences between economists are empirical rather than theoretical”, this paper concludes that economists are divided by issues that run far deeper.
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