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

In: Handbook of the History of Economic Thought

Author

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  • Elke Muchlinski

    (Freie Universität Berlin)

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.

Suggested Citation

  • Elke Muchlinski, 2012. "Against Rigid Rules – Keynes’s View on Monetary Policy and Economic Theory," The European Heritage in Economics and the Social Sciences, in: Jürgen Georg Backhaus (ed.), Handbook of the History of Economic Thought, chapter 0, pages 605-624, Springer.
    • Handle: RePEc:spr:euhchp:978-1-4419-8336-7_24
    DOI: 10.1007/978-1-4419-8336-7_24
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