The Keynesians Versus the Monetarists Keynesians believe that the future is not measurable or known in any probabilistic sense. But while the past may be known for certain, the future is not. Economic participants will always hold some idle money balances for precautionary purposes. Monetarists believe that the future is certain or at least calculable or known in the probabilistic sense. Therefore, in the Monetarist framework economic participants have no need to hold precautionary balances.
Monetarists believe money is to be spent.
Accordingly, if people have a little more, they will spend a little more if they have a little less, they will spend a little less.