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Where Are We At Now? (moneterism vs keynes etc)

***Originally posted in our forums in 2006***

i was just watching this documentary made in 1992 about the british economy (since the 60s and upto the late 80s)

it charts the well told story of the switch from keynesianism to moneterism (and the apparent failure of both to predict inflation and general trends etc)

The League of Gentleman (adam curtis bbc 1992)

Forty years ago, a group of economists managed to convince British politicians that they had foolproof technical means to make Britain great again. This film tells the saga of how their experiments led the country deeper into economic decline.

What are the current trends in monetary policy and state economic management? (is it a mix of keynesian ideas and moneterism?)

Would it be fair to say that in todays economic world there is little belief in grand narratives like those put forward by keynes and the moneterists?, if so what replaces them?

sorry to put forward such a basic question, hopefully it will be correspondingly straightforward to answer.

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