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

  • Elke Muchlinski
Chapter
Part of the The European Heritage in Economics and the Social Sciences book series (EHES, volume 11)

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 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media, LLC 2012

Authors and Affiliations

  1. 1.Institute of Economic Policy and Economic HistoryFreie Universität BerlinBerlinGermany

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