The essence of the monetarists view on crowding out is that higher government spending which is not financed by new money creation simply

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Monetarists argue that government spending which is not financed by new money creation leads to higher interest rates, which in turn reduces private spending by an equal amount. This is because higher interest rates make it more expensive for individuals and firms to borrow, reducing their willingness to spend. This effect is known as crowding out.

The Essence of the Monetarists View on Crowding Out Is