September 22, 1997

During the past few decades the dominant, competing economic paradigms have been the Keynesian/Philips-curve model and the monetarist/money-supply inflation view. The Keynesian paradigm predicts accelerating inflation as the economy reaches "full employment." The monetarist model, on the other hand, assumes that inflation is too much money chasing too few goods, with the quantity of money representing supply conditions. Problem is, both these models fail to explain today's economy.

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