The Real (Social) Experience of Monetary Policy
Chapter 10 in Financial Crises and the Nature of Capitalist Money, 2013, pp 178-195 from Palgrave Macmillan
Abstract Economists increasingly acknowledge the social aspect of economic life. It has become commonplace, even in mainstream economics, to make reference to Adam Smith’s Theory of Moral Sentiments, for example. But the implications of taking on board the significance of social processes for economic outcomes are potentially profound. In considering the effects of monetary policy, the social aspects of human knowledge and of the nature of money are of particular importance. Yet only in non-mainstream economics is sociality taken seriously enough to influence the approach to theorising. It is well established now that mainstream economics rests on methodological individualism whereby sociality is treated as a modification to the preferences of and constraints on atomistic individuals, rather than something which is built into the foundations (see, for example, Davis 2003).
Keywords: Interest Rate; Monetary Policy; Banking System; Real Experience; Money Supply (search for similar items in EconPapers)
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