Economists are commonly expected to have a position on macroeconomic matters derived from theory covering monetary policy and practice as a basis for shaping advice on decision-making.
These theoretical principles may derive from the 18th century classical economics of the Free Market, the neo-classical developments of the late 19th century Alfred Marshall 19 , from John Maynard Keynes’ postulates for promoting fullemployment in the post-Depression era, the post-Keynes developments by Nicholas Kaldor 20 and his colleagues, to respond to the challenges of wage inflation, from the modernist positions of Milton Friedman 21 to control money supply, and from even the post-modernist evidence-based approaches of Jeffrey Sachs 22 .