Monetarists and monetarians

Monetarists should not be confused with ‘monetarians’. The former are those who study the way money works, the way it is created, the way it circulates, the way it is destroyed and its role in trade. They attempt to understand, to analyse and to explain — objectively. The ‘monetarians’, as I shall call them, are those who take sides and abandon their detachment; they believe in money as an instrument for the control and regulation of the economy; they argue that by regulating the creation of money and the way it circulates governments can achieve their main economic and even political aims.1 (1)