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 55
... debt of firms , and the final increase in the supply of money are all equivalent notions . * As Lavoie ( 1992 , p . 69 ) has made clear , " The portfolio decision of the households leads to residual stock of credit and of money . " 41 ...
... debt loads of firms ( increases in the debt to equity ratio ) accompany increased economic activity . In Minsky ( 1957a , p . 864 ) , he argues that households , business firms , and banks are sensitive to the composition of the balance ...
... Debt Minsky's framework S > I → A Supply of Capital ⇒ Decrease in Debt - It was argued above that Minsky's early views on money show a strong acceptance of orthodox economics . Minsky's objective to show that capitalist economies are ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown