Credit, money, and production: an alternative post-Keynesian approach
Rochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to offer a historical overview of the post-Keynesian and circuit approaches to endogenous money, and provides an informed critique of the development of post-Keynesian economics. He argues that rather than emphasizing the early writings of Minsky, Kaldor, and Tobin in the 1950s and of Davidson and Rousseas later, post Keynesians ought to have followed the writings of Joan Robinson and Richard Kahn who offered better theories of credit-money.
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According analysis approach Arestis argues argument assets asymmetric information balance sheets bank credit behavior borrowers causality central bank changes chapter circuitists circulation claims commercial banks credit and money credit rationing credit-money creditworthiness criticism Davidson debt demand for credit demand for money deposits determined Dymski Eichner endogenous money exogenous finance motive financial innovations firms Hence horizontalism horizontalist position households implies increase instance interest rates investment Keynes's Keynesian economics Keynesian theory Lavoie liability management liquidity preference loanable funds macroeconomic mark-up Minsky's monetary authorities monetary circuit monetary policy monetary theory monetized economy money endogeneity money multiplier money supply curve Moore neoclassical nonetheless notion orthodox Palley Pollin portfolio decisions post-Keynesian theory production profits quantity of money rate of interest rise Robinson role Rousseas saving store of value structuralists supply of credit supply of money theory of endogenous theory of money Tobin transmission mechanism uncertainty upward sloping velocity of money Wray