From the History of Macroeconomic Regulation: Keynesianism and Monetarism

The article presents a historical study of two theories of economic management. In the course of development of world economic research, two cardinally different methods of economic regulation stood out. The first one is considered in detail by A. Smith in his seminal work "Wealth of Nations". The second method is associated with the works of the English economist J. M. Keynes, who scientifically substantiated the impossibility of self-regulation of the economy and the need for public policy to balance aggregate demand and supply, overcome crises and help stabilize the economy.