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Against rigid rules: Keynes's economic theory

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  • Muchlinski, Elke
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    Abstract

    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 Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2003/2.

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    Date of creation: 2003
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    Handle: RePEc:zbw:fubsbe:20032

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    Keywords: History of economic thought since 1925; Methodology; Central Banking; Inernational monetary arrangements and instititions;

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    1. Bateman, Bradley W, 1991. "Das Maynard Keynes Problem: Review Article," Cambridge Journal of Economics, Oxford University Press, vol. 15(1), pages 101-11, March.
    2. Davis,John B., 2008. "Keynes's Philosophical Development," Cambridge Books, Cambridge University Press, number 9780521065511, October.
    3. Donald Moggridge, 2002. "'Rescuing Keynes from the economists'?: the Skidelsky trilogy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(1), pages 111-123.
    4. Blinder, Alan S, 1987. "Keynes, Lucas, and Scientific Progress," American Economic Review, American Economic Association, vol. 77(2), pages 130-36, May.
    5. 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.
    6. 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.
    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. 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.
    9. Tobin, James, 1983. "Monetary Policy: Rules, Targets, and Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(4), pages 506-18, November.
    10. Warren Samuels, 1996. "Postmodernism and economics: a middlebrow view," Journal of Economic Methodology, Taylor & Francis Journals, vol. 3(1), pages 113-120.
    11. 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.
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    Cited by:
    1. Elke Muchlinski, 2005. "The Lucas Critique and Keynes Response.Considering the History of Macroeconomics," Macroeconomics 0503019, EconWPA.

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