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
Results 1-3 of 62
... causality between money and income , specifying that the causality runs from expected ( or desired ) income of firms , to the demand for credit , to money and effective income ( Robinson , 1956 , 1971 ) ; 2 27 2 ) reverse causality ...
... causality between reserves and money have been established , the causality between money and income can be looked at more closely . Here we find that in many instances , Minsky appears to have no problem with the orthodox money- income ...
... causality , and does not deny the causality inherent in the Quantity Theory of Money . Yet , while he accepts the causality , he argues that the link between money and income , far from being direct , is indirect and unpredictable given ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown