(1912- ) a US economist who helped to develop the idea of monetarism, the belief that the best way for a government to manage a country's economic system is to limit the amount of money that is available to be used. He won the Nobel Prize for Economics in 1976, and his ideas had an important influence on politics in the 1980s, because the economic policies of Margaret Thatcher and Ronald Reagan were based on them.
Definition from the Longman Dictionary of Contemporary English Advanced Learner's Dictionary.
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