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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... credit rationing ; second , it raises the possibility of their reconciliation with post - Keynesian theory . ... For instance , Wolfson ( 1996 , p . 39 ) has argued that " much of the edifice of the credit view has been built upon a ...
... CREDIT RATIONING The original underlying theoretical construct of the New Keynesian school lies in the principle that commercial banks typically face an excess demand for credit at a given short - run rate of interest . As a result ...
... credit rationing has been criticized from within the New Keynesian camp as being unnecessary to the rationing ... credit . Screening devices thus become an important way for banks to circumvent the problem of asymmetrical information ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown