Against Rigid Rules - Keynes's Economic Theory

Elke Muchlinski
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Elke Muchlinski: Freie Universitaet Berlin

Macroeconomics from EconWPA

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.

Keywords: Key words: History of Economic Thought since 1925; Methodology; Central Banking; International Monetary Arrangements and Institutions (search for similar items in EconPapers)
JEL-codes: B22 B E58 F33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-pke
Date: 2005-03-23
Note: Type of Document - pdf; pages: 28
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpma:0503018

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