'monetary cranks'

15:21 Aug 10, 2006

This question was closed without grading. Reason: No acceptable answer

English language (monolingual) [PRO]
Bus/Financial - Economics / money

English term or phrase: 'monetary cranks'

This term is used to describe economists who believed in boundless inflation and credit expansion. Does anyone know whether the usage of this term is drawn only from the word 'crank' signifying a weirdo, or also its meaning as the device for winding? As in, poeple who want to wind up inflation.

Michał Wiśniewski KudoZ activity Questions: 44 (2 open) (1 closed without grading) Answers: 664
Local time: 16:15

SUMMARY OF ALL EXPLANATIONS PROVIDED

4 +1

it means a weirdo

Jack Doughty

Discussion entries: 3

Answers

26 mins confidence:

peer agreement (net): +1

it means a weirdo

Explanation:
Monetarists don't want to "crank up" inflation. Your question is hardly fair to monetarism, for which I found this definition (and other similar ones) on the Web:
An economic doctrine that stressed the importance of the money supply as an instrument of economic policy. Monetarists - whose leading light was Milton Friedman at the University of Chicago - believed that if governments simply left the economy alone and instructed the central bank to control the money supply, inflation would be banished, entrepreneurial activity would thrive, economic growth would take off and unemployment would disappear.

Jack Doughty
United Kingdom
Local time: 15:15
Native speaker of: English
PRO pts in category: 41

Notes to answerer

Asker: Thanks, but I did not mean to say that monetarists, as represented by M. Friedman, are called that way. This term refers to people such as Solvay and Gesell who really did belive (a long time before Friedman) in cranking up inflation.

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