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Against Rigid Rules – Keynes’s View on Monetary Policy and Economic Theory

Elke Muchlinski ()

Chapter Chapter 24 in Handbook of the History of Economic Thought, 2012, pp 605-624 from Springer

Abstract: Abstract The focus of my paper is to explain why Keynes’s economic theory is not compatible with rigid principles by sketching his view on “rules” in monetary policy and international monetary relations. Any reference to formal aestheticism or rigidly defined rules seems to imply an inadequate interpretation of his work. Keynes’s objections to formal aestheticism trace back to his view that economics is a moral science or soft science, respectively. Economic theory lacks fundamental presumptions which are indeed necessary to construct a hard science.

Keywords: Monetary Policy; Central Bank; Rational Belief; Textual Evidence; Contemporary World (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-1-4419-8336-7_24

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