Reflections on B P Adarkar's 'Years of High Theory' (1934-1941)

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]

Adarkar_revision_final.pdf - Accepted Version
Available under License Creative Commons Attribution Non-commercial.

Download (560kB) | Preview

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:



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:

Departments, Centres and Research Units:

Institute of Management Studies


2 April 2016Published
1 March 2016Accepted
7 December 2014Submitted

Item ID:


Date Deposited:

07 Jan 2019 16:34

Last Modified:

29 Apr 2020 16:56

Peer Reviewed:

Yes, this version has been peer-reviewed.


View statistics for this item...

Edit Record Edit Record (login required)