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 policycan 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, Keynesand Sraffa.