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 88
... money will consist in their demand for money as an asset : this is liquidity preference . Money is a perfectly liquid asset which is demanded to meet uncertainties . Liquidity preference and uncertainty are integrated within a theory of the ...
... money changes following changes in the demand for finance . For Davidson , the causality is reversed : changes in supply cause demand to change . Davidson's acceptance of the exogeneity of the money supply is linked to his two ...
... demand for money leads , in a post- Keynesian theory of endogenous money , to a subsequent increase in the supply of money , in Davidson's analysis , we find the exact opposite . Following an increase in the aggregate demand function , the ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown