Monetary Theory of Value and Monetary Keynesianism

Lennart Ritterbach ()
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Lennart Ritterbach: UHH - Universität Hamburg = University of Hamburg

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Abstract: In economics, there are no discussions on the need to compare theories. However, especially for heterodox economics, systematic comparisons of theories are essential to ensure a productive exchange between economists of different paradigms. The sociologist Fabian Anicker joins the debate and addresses the problem of incommensurability with the hermeneutic comparison of theories. This offers the possibility of comparing theories while considering the immanent logic. The transfer to economics thus enables a new way of relating economic theories to one another. Accordingly, the article contributes to the methodological pluralization of economics, as incommensurable theories can be read together, exemplified through a comparison of the Monetary Theory of Value and Monetary Keynesianism. It is shown that both variants share a common level of argumentation to discuss the connection between money and crisis but have a different relationship to crisis due to varying understandings of investment demand.

Keywords: comparisons of theories; hermeneutic comparisons of theories; Monetary Theory of Value; Monetary Keynesianism; theories of crisis; heterodoxy (search for similar items in EconPapers)
Date: 2026-01-14
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