近两年来,货币主义受到大量的批评,甚至遭到一些奚落。这些批评虽然很重,却是自相矛盾的。一方面他们强调政府没有能力完成自己控制现金、活期存款和定期存款的预定目标,另一方面又责备1980和1981两年取得很小的抑制通货膨胀的成绩却以过高的生产和就业方面的损失为代价,实在得不偿失。本文先谈第一个问题。英国政府1980—81年预定的现金活期存款和定期存款增长率为7-11%,而实际增长率为20.9%,估计1981—82年超过目标的比率可能更高。这两年虽然遇到相当严重的经济衰退,但私方经济对银行信贷的需求并未持续下降,这使货币管理当局最感头痛。这种信贷需求是有历史原因的。因为在五十和六十年代,政府为了获得经济增长而鼓励投资。在捐税上对于添置固定资产支出给予优待。到七十年代通货膨胀率上升,厂家更愿借款来投资于固定资产了。 In the past two years, monetarism has received a lot of criticism and even been ridiculed. Although these criticisms are heavy, they are self-contradictory. On the one hand, they stressed that the government was not capable of fulfilling its own target of controlling cash, demand deposits and time deposits. On the other hand, they blamed the fact that in the two years 1980 and 1981 little insignificant inflation was achieved in the areas of excessive production and employment Loss for the price, it is worth the candle. This article first talk about the first question. The British government planned for cash and term deposits and fixed deposits in 1980-81 with a growth rate of 7-11% and a real growth rate of 20.9%. It is estimated that the ratio exceeding the target in 1981-82 may be higher. Despite the rather serious economic recession in these two years, the demand for bank credit by the private sector did not fall steadily, which made monetary authorities the most troublesome. This credit demand is for historical reasons. Because in the fifties and sixties, the government encouraged investment in order to gain economic growth. On the tax on the purchase of fixed assets to give preferential treatment. By the 1970s inflation had risen, and manufacturers were more willing to borrow to invest in fixed assets.