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On the Structure of the Theory of Monetary Policy — Part I: Money Circulating v. Money Held

In: On Money, Method and Keynes

Author

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  • Victoria Chick

    (University College London)

Abstract

The theory of monetary policy as represented by the ‘Monetarist-Keynesian debate’ is, from a methodological point of view, degenerate. The cause of the trouble is that the subject is perceived in terms of an inappropriate classification. The two opposing opinions around which the debate supposedly revolves are defined at too superficial a level, and the fact that only two claim attention (allowing for variations within each camp), follows the tradition of Western thought to analyse by dichotomisation (good and evil, nature and culture, mind and body), which has been known to cause trouble before. In this case, to see the extremely rich set of ideas which constitute the theory of monetary policy in terms of two opposing camps requires a good deal of Procrustean engineering.

Suggested Citation

  • Victoria Chick, 1992. "On the Structure of the Theory of Monetary Policy — Part I: Money Circulating v. Money Held," Palgrave Macmillan Books, in: Philip Arestis & Sheila C. Dow (ed.), On Money, Method and Keynes, chapter 7, pages 117-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21935-3_7
    DOI: 10.1007/978-1-349-21935-3_7
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