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Against Rigid Rules - Keynes's Economic Theory


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  • Elke Muchlinski

    (Freie Universitaet Berlin)

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    This paper provides textual evidence of Keynes�s position on monetary policy and shaping international monetary relations. One result of my contribution is that the famous dichotomy 'rules versus discretion' is of no relevance to his economic theory, because he used the term 'rules' not in the meaning of a formal brilliantly designed notion. He definitely made a distinction between non-rigidly-fixed-rules and discretion. I give an explanation why his economic theory is not compatible with principles of constructivism, empiricism and ontological realism by referring to a key term of his economic writings, i.e., discretionary decision.

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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0503018.

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    Length: 28 pages
    Date of creation: 23 Mar 2005
    Date of revision:
    Handle: RePEc:wpa:wuwpma:0503018

    Note: Type of Document - pdf; pages: 28
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    Keywords: Key words: History of Economic Thought since 1925; Methodology; Central Banking; International Monetary Arrangements and Institutions;

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    1. Gilles Dostaler, 1995. "Keynes et Bretton Woods," Cahiers de recherche du Département des sciences économiques, UQAM 9502, Université du Québec à Montréal, Département des sciences économiques.
    2. Warren Samuels, 1996. "Postmodernism and economics: a middlebrow view," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(1), pages 113-120.
    3. Baert, Patrick, 1996. "Realist Philosophy of the Social Sciences and Economics: A Critique," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 513-22, September.
    4. King, Mervyn, 1997. "Changes in UK monetary policy: Rules and discretion in practice," Journal of Monetary Economics, Elsevier, vol. 39(1), pages 81-97, June.
    5. Craig Freedman, 1995. "Animal spirits in his soup: a look at the methodology and rhetoric of The General Theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 2(1), pages 79-104.
    6. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
    7. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
    8. Tobin, James, 1983. "Monetary Policy: Rules, Targets, and Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(4), pages 506-18, November.
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