ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Isabella M WeberSubscribe to Isabella M Weber

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

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.
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