 The Policy Implications of Post Keynesian Monetary TheoryStephen Rousseas
Chapter 6 in Post Keynesian Monetary Economics, 1998, pp 117-143 from Palgrave Macmillan Abstract: Abstract Any theory in reasonable contact with reality carries with it a plan for action — a policy for changing the world along better lines in keeping with its vision. When a theory is a pure abstraction devoid of any contact with reality, it has no policy implications (action in the real world not being possible) or, alternatively, if a theory has but a tenuous contact with reality, its policy implications may be irrelevant or politically impractical. Neoclassical Keynesian theory, by virtue of its reformulation of Keynes along general equilibrium lines, has been moving along the latter trajectory. Post Keynesian theory, on the other hand, represents an attempt, still in the process of being worked out, to restore reality to economic thinking in terms of the power relationships of contemporary society. Whether it has done so effectively, or any better than neoclassical Keynesianism along politically practical lines, is left for later. Keywords: Interest Rate; Monetary Policy; Central Bank; Fiscal Policy; Money Supply (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26456-8_6 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-26456-8_6 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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