Against rigid rules: Keynes's economic theory
AbstractThis 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 InfoPaper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2003/2.
Date of creation: 2003
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History of economic thought since 1925; Methodology; Central Banking; Inernational monetary arrangements and instititions;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B4 - Schools of Economic Thought and Methodology - - Economic Methodology
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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