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. |
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Results 1-3 of 59
... borrowers ' behavior , such that borrowers may choose to pursue riskier projects as the rate of interest rises . As the demand for credit increases , banks become reluctant to increase the rate of interest since changes in the rate of ...
... borrowers possess . Borrowers will typically not divulge - i.e. volunteer - information to banks which they believe may hamper their probability of obtaining a loan . This point was made by Stiglitz and Weiss ( 1991 , p . 249 ) who ...
... borrowers a premium over and above the lending rate as a way to screen out the bad borrowers . The argument suggests that only bad borrowers would agree to take out a loan at a higher rate of interest , since higher interest rates , as ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown