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15:21 Aug 10, 2006
This question was closed without grading. Reason: No acceptable answer
English to English translations [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.
Jack, please forgive me for not awarding points here, but due to the slight misunderstanding, I don't think your suggestion really closes the question for me. I'll ask this again on an economic forum. Thanks very much anyway.
Thanks for the explanation. I wasn't criticizing you, we can only translate what's there anyway, but it's now clear you are not referring to monetarists as the term is generally used.
Automatic update in 00:
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: 00:24 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.