Monetarism and fixed rules in H.C. Simons

Abstract

The comparison of H.C. Simons’ theories to those of Friedman and Keynes has resulted in confining the former to some of the issues debated in the recent controversies between the monetarist and the Keynesian schools. The present article demonstrates that a more balanced analysis of Simons’ theories can modify some of the outcomes obtained. In particular, the author gives less importance to differences in monetary theory while placing more weight on those of a pre-analytic and general theoretical nature. This distinction is of use when it comes to a question which drives a deep gulf between modern monetarists and Keynesians - that of the choice between fixed rules and discretionary policies. JEL: B22, B31

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