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 58
... Money and Production The objective of the present chapter is to develop a theory of endogenous money based on the circuit approach where bank credit takes center stage . Not only is money created ex nihilo , but endogenous money also ...
... financial intermediaries , " they would have avoided a possible financial crisis by financing the firms ' long - term liabilities . CONCLUSION The theory of the monetary circuit emphasizes many of the important elements of the theory of ...
... monetary circuit and liquidity preference 291-7 see also circuit approach monetary circuit process 144 , 145 monetary circuit theory 4 , 6 , 8-9 monetary policy changes , and horizontalism 161 and price stability 112-13 and velocity of ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown