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 92
... money . " This represents much of the confusion surrounding horizontalism . The proper causality runs from the demand for credit , to the supply of credit ... money floating around , or money Credit , Money and Post - Keynesian Theory 53.
... money finances credit suggesting that credit emanates from a pre - existing fund . How else then can we interpret Davidson's assertion that " a shortage of money can hold up the expansion of real output " ? Moreover , if credit is money ...
... money " more broadly to include credit , horizontalists - but also many French and Italian circuitists separate the two concepts . The supply of credit on the asset side of balance sheets of banks makes money appear as bank deposits of ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown