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The Taxonomy of International Money

In: International Money and the Real World

Author

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  • Paul Davidson

Abstract

With a great deal of cogency, Shackle has argued that economic theory should adopt a ‘classificatory method’ of an analysis, i.e. theory ought explicitly to be a classificatory one, putting situations in this box or that according to what can happen as a sequel to it. Theories which tell us what will happen are claiming too much: too much of independence from their turbulent surroundings, too much capacity to remain upright in the gale of politics, diplomacy and technical chance and change, too much internal simplicity for even the world of business itself … The efficiency of formal codes is the efficiency of classification.1

Suggested Citation

  • Paul Davidson, 1982. "The Taxonomy of International Money," Palgrave Macmillan Books, in: International Money and the Real World, chapter 4, pages 79-95, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16679-4_4
    DOI: 10.1007/978-1-349-16679-4_4
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