Credit, Money, and Production: An Alternative Post-Keynesian Approach
'This book must be read by all those who despair of the capacity of heterodox economists to go beyond the eternal critique of neoclassical economics and escape from the temptation of impossible bridges between approaches that cannot be reconciled . . . . Needless to say that the author is to be praised for his beautiful style, his scholarship and his methodology. No proposition is spelled out without being rooted in a remarkable critique of the literature and scientific logic. the reader is now convinced that at last heterodox economics is born.' - Alain Parguez, University of Franche-Comte, France and University of Ottawa, Canada 'Rochon provides a clear and unambiguous presentation of the key elements that comprise a theory of endogenous credit-money, showing in particular the similarities and the dissimilarities with the ideas recently espoused by New Keynesian economists. Rochon takes a clear stand on all the debates that he tackles. He usually puts forth a dissident view, going against conventional wisdom as accepted by most of his fellow post-Keynesian colleagues. I expect the book to generate a large amount of controversy among heterodox economists. It is an important addition to the literature, as Rochon provides a coherent alternative framework. - Marc Lavoie, University of Ottawa, Canada This 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.
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According analysis approach Arestis argues argument assets asymmetric information balance sheets bank credit behavior borrowers causality central bank changes chapter circuitists circulation claims commercial banks credit and money credit rationing credit-money creditworthiness criticism Davidson debt demand for credit demand for money deposits determined Dymski Eichner endogenous money exogenous finance motive financial innovations firms Hence horizontalism horizontalist position households implies increase instance interest rates investment Keynes's Keynesian economics Keynesian theory Lavoie liability management liquidity preference loanable funds macroeconomic mark-up Minsky's monetary authorities monetary circuit monetary policy monetary theory monetized economy money endogeneity money multiplier money supply curve Moore neoclassical nonetheless notion orthodox Palley Pollin portfolio decisions post-Keynesian theory production profits quantity of money rate of interest rise Robinson role Rousseas saving store of value structuralists supply of credit supply of money theory of endogenous theory of money Tobin transmission mechanism uncertainty upward sloping velocity of money Wray