Beyond the Analytics of the Monetary Approach to the Balance of Payments: Methodology, Innovation and Monetarism
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Beyond the Analytics of the Monetary Approach to the Balance of Payments: Methodology, Innovation and Monetarism
Credit and Capital Markets – Kredit und Kapital, Vol. 13 (1980), Iss. 1 : pp. 66–82
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Fausten, Dietrich K
References
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Abstract
In the present study an attempt is made to elucidate the meaning of the frequent attributions in the literature on the frequent attributions in the literature on the monetary approach to David Hume, and to the classical tradition of balance of payments analysis. Given the distinct analytical dissimilarities between the classical, specifically the Humean, and contemporary monetary approaches, it is contended that this meaning lies outside the sphere of the specific analytics of economic model-building. Instead, it is argued, the recurring references to orthodoxy are indicative of a non-extremist methodological approach to the history of economic thought, and further that they are consistent with the requirements of innovation in economics as well as with the express desire to dissociate the monetary approach from contemporary monetarism.