John Hicks maintained that ‘a large part of the best work on Money is topical. It has been prompted by particular episodes, by particular experiences of the writer's own time’ (Hicks, 1967a: 156). The reason for this is that the principal goal of monetary theory is not ‘general understanding’ (that is, the discovery of principles uniformly applicable in a variety of times and places) but ‘particular understanding – an understanding directed towards a particular problem, normally a problem of the time at which the work in question is written’
Quadrio Curzio, A., Scazzieri, R., Historical stylizations and monetary theory, in Scazzieri, R., Sen, A., Zamagni, S. (ed.), Markets, Money and Capital. Hicksian Economics for the Twenty-First Century, Cambridge University Press, Cambridge 2008: 185- 203. http://dx.doi.org/10.1017/CBO9780511575969.013 [http://hdl.handle.net/10807/39787]
Historical stylizations and monetary theory
Quadrio Curzio, Alberto;Scazzieri, Roberto
2008
Abstract
John Hicks maintained that ‘a large part of the best work on Money is topical. It has been prompted by particular episodes, by particular experiences of the writer's own time’ (Hicks, 1967a: 156). The reason for this is that the principal goal of monetary theory is not ‘general understanding’ (that is, the discovery of principles uniformly applicable in a variety of times and places) but ‘particular understanding – an understanding directed towards a particular problem, normally a problem of the time at which the work in question is written’
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