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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... investment . What it does suggest , however , is that the monetary transmission mechanism is done through credit and loan - granting institutions rather than directly through money and central bank policy . 5 Despite their emphasis on ...
... money ; it is in fact equivalent to money . Cottrell ( 1986 , p . 5 ; emphasis added ) criticizes horizontalists for over- emphasizing the fact that " causality runs exclusively from money ... Credit , Money and Post - Keynesian Theory 49.
An Alternative Post-Keynesian Approach Louis-Philippe Rochon. there is too much money floating around , or money finances credit suggesting that credit emanates from a pre - existing fund . How else then can we interpret Davidson's ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown