Velupillai, Kumaraswamy and Weber, Isabella Maria. 2016. Reflections on B P Adarkar's 'Years of High Theory' (1934-1941). Economic and Political Weekly, 51(14), pp. 62-69. ISSN 0012-9976 [Article]

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Abstract or Description

B P Adarkar's fundamental interwar contributions to the foundations of monetary theory and the theory of monetary policy, largely from the perspective of the evolution of Keynes's thoughts and insights into a monetary theory of production, are studied here sympathetically. A case is made that the issues at the frontiers of monetary macroeconomics--particularly, the nihilistic stance on monetary policy--can be criticised for illogical and empirically meaningless propositions, reflecting Adarkar's acute analysis during what this paper calls his "Years of High Theory" (1934-1941). Some conclusions are suggested on a revival of a Monetary Macroeconomic alternative to the varieties of orthodoxies now prevalent, based on Wicksell, Keynes--and Sraffa.

Item Type:	Article
Keywords:	Neutral Money, Monetary Equilibrium, Real Rate of Interest, Natural Rate of Interest, Own Rates of Interest JEL Codes: B22, B31, E43, E52, E60
Related URLs:	Author Author
Departments, Centres and Research Units:	Institute of Management Studies
Dates:	Date Event 2 April 2016 Published 1 March 2016 Accepted 7 December 2014 Submitted
Item ID:	24659
Date Deposited:	07 Jan 2019 16:34
Last Modified:	29 Apr 2020 16:56
Peer Reviewed:	Yes, this version has been peer-reviewed.
URI:	https://research.gold.ac.uk/id/eprint/24659

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