Credit, Money, and Production: An Alternative Post-Keynesian ApproachThis thought-provoking book clearly and systematically analyses the post-Keynesian approaches to endogenous money and, in doing so, provides an informed critique of the development of post-Keynesian economics. Using a horizontalist perspective the author offers an historical overview of the post-Keynesian and circuit approaches to endogenous money, starting with a comprehensive survey of the Franco-Italian circuit school. 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 far better theories of credit-money. The author then compares the current post-Keynesian structuralist theory with New Keynesian monetary thought. In conclusion, he develops an innovative theory of banking based on Keynesian uncertainty and consistent with the horizontalist tradition taking into account credit restraints, crunches and creditworthiness. This book will be illuminating to scholars of post-Keynesian economics, macroeconomics, and history of economic thought. |
From inside the book
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... assumed the money supply to be so in the General Theory . There , Keynes assumed , according to Dow , a given supply of money - not an exogenous one . - - The problem with this argument is that given the fact that the General Theory ...
... assumption of using bank credit to finance investment is akin to assuming that saving is used to finance investment . This is the argument put forth by Bailly ( 1992 , pp . 110-12 ) . In criticizing Parguez in particular , the author ...
... assumed idly to await orders and be paid in advance of production ( by all those firms wishing to purchase capital goods via credit- money ) , while firms in the consumption - goods sector are presumed to behave differently by ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown