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The Real (Social) Experience of Monetary Policy

In: Financial Crises and the Nature of Capitalist Money

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  • Sheila C. Dow

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).

Suggested Citation

  • Sheila C. Dow, 2013. "The Real (Social) Experience of Monetary Policy," Palgrave Macmillan Books, in: Jocelyn Pixley & G. C. Harcourt (ed.), Financial Crises and the Nature of Capitalist Money, chapter 10, pages 178-195, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30295-3_11
    DOI: 10.1057/9781137302953_11
    as

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