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This chapter uses the Great Depression as a case study to investigate Keynes' and Friedman's respective appraisals of this severe episode. We analyse first Friedman's explanation of the Great Depression as phenomenon driven by monetary mismatches. We show that the late Friedman eventually put at...
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1. Introduction -- 2. Keeping the Keynesians off-stage -- 3. Private, public and semi-private institutions -- 4. Keynes and Friedman on the employment policy : structure and conduct -- 5. The functioning of a monetary economy -- 6. Conclusion : where to draw the line between laissez-faire and...
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