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Title:Against rigid rules: Keynes's economic theory PDF Logo
Authors:Muchlinski, Elke
Issue Date:2003
Series/Report no.:School of Business & Economics Discussion Paper: Economics 2003/2
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.
Subjects:History of economic thought since 1925
Methodology
Central Banking
Inernational monetary arrangements and instititions
JEL:B22
B4
E58
F33
Document Type:Working Paper
Appears in Collections:Diskussionsbeiträge, FB Wirtschaftswissenschaft, FU Berlin

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