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Otherwise supposedly it would call unemployment.
The position is behind dispute frameworks between Keynesians and monetarists. Both these
The approach are macroeconomic whereas I consider that the monetary theory
Does not require the similar approach and should not apply it, even if it and not
Can do without completely such, in effect, macroeconomic concept
As money. Macroeconomic and micro-economics an essence alternative methods, at
Which help we try to cope with the difficulties connected by that at
Studying of so difficult phenomenon as the market, we never own all
The actual information which is necessary for its exhaustive explanation.
The macroeconomic tries to overcome this difficulty, addressing to aggregated and
To average sizes which are statistically accessible. The similar approach gives
Useful approach to an actual state of affairs, but in quality
Theoretical explanation of relationships of cause and effect it is unsatisfactory and
Sometimes misleads, as establishing empirically observed
Correlations, that they will be does not give any bases for belief
To exist always.
The alternative, microeconomic approach which is preferred by me, leans
On construction of the models overcoming a problem of our inevitable ignorance
All important facts by "scale reduction" - that is a way
Reduction of number of independent variables to a minimum which is necessary for
Formations of the structure, capable to reproduce all types of changes and shifts,
Which are inherent in market system. As I tried to explain in more details in
To other job Chicago, Economics, F.A. Hayek, Studies in Philosophy, London,
Routledge &Kegan Paul, Politics and 1967, by means of this technics can
To be carried out only the predictions named by me "structural" (pattern
predictions); it is incapable to predict concrete events, on what, as I
I believe, the macroeconomic wrongly applies.>
I disperse from the majority of other monetarists and in particular, with the conducting
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