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 3
... curve : " Consider a bank with a regular supply curve which defines the supply of loans as a rising function of the ... effective demand . As Parguez ( 1996 , p . 168 ) writes , " Investment being initiated by bets on the future course of ...
... demand is direct . " A final thought regarding Minsky's loanable funds beliefs : Minsky links together the money supply schedule with a loanable funds curve - which he calls a " velocity - interest rate relation " curve . However , the ...
... effective " demand for credit , as opposed to the " notional " demand : " Given the effective demand curve , then , we assume that the bank does its best to accommodate all demands for loans . " 12 As can be seen from the above numerous ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown