monetarism

At least everyone should have understanding of classical form of monetarism before they start to depart from it.

You meant monetarism, which has most certainly not been the dominant monetary policy for the last 40 years.

Krugman has a lot of respect for Friedman's contributions to understanding stagflation and the development of monetarism.

Market Monetarism ) and Krugman somewhat extensively, and Krugman has only very, very elliptically commented on it.

This is just a muddled explanation of monetarism, which is pretty well clearly nonsense at this point.

That was before the advent of econometrics, before monetarism, and even before behavioral economics.

They've failed most of the modern tests which actually distinguish them from monetarism.

The greatest trick the anti-Keynesians ever pulled was selling governments on the nonsensical belief that sado-monetarism is ever good for anyone who isn't already extremely rich.

I've been impressed by the reasoning behind market monetarism (mainstream credibility: good and rising).

So the politics of Market Monetarism seem bleak.

Read Rothbard's deconstructions of monetarism.

I'm not sure what you're saying: that both Keynesianism and monetarism suck, or that there is a debate between two credible schools of thought and an unclear winner?

Check the sidebar of "The Money Illusion" for an introduction or Google market monetarism.

I believe that Krugman's position is "market monetarism", but I could easily be mistaken...

You can view the economy as a mechanical ecosystem as many "modern" economists do (including Milton Friedmanesque monetarism, Keynes, and to a lesser extent Austrian School).

This is what monetarism is supposed to accomplish by lowering interest rates and why Milton Friedman famously stated that "we are all Keynesians now." If it were a practical objection with the pennies I suppose one could answer it by adding another slot that converted 95 pennies into single dollar bills every five minutes.

But this idea has got nothing (in particular) to do with Monetarism.