Abstract
In this chapter, clear distinctions are made between open and closed economies and between unionised monetary systems (UMS) and non-unionised monetary systems (NUMS). Table 4.1 presents the four possible combinations of these features.
Theory ought explicitly to be a classificatory one, putting situations in this box or that accordingly to what can happen as a sequel to it. Theories which tell us what will happen are claiming too much: too much of independence from their turbulent surroundings, too much capacity to remain upright in the gale of politics, diplomacy and technical chance and change, too much internal simplicity for even the world of business itself … The efficiency of formal codes is the efficiency of classification.
G. L. S. Shackle1
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The Taxonomy of International Money
G. L. S. Shackle, Epistemics and Economics (Cambridge University Press, 1972) pp. 72–3.
For a complete discussion of the importance of theory before measurement, see P. Davidson and E. Smolensky, Aggregate Supply and Demand Analysis (New York, Harper and Row, 1964) Chapter 15.
R. F. Harrod, Money (London, Macmillan, 1969) p. 75.
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© 1992 Paul Davidson
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Davidson, P. (1992). The Taxonomy of International Money. In: International Money and the Real World. Palgrave Macmillan, London. https://doi.org/10.1057/9780230378094_4
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DOI: https://doi.org/10.1057/9780230378094_4
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