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
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... monetary policy objectives given financial innovations and their impact on the velocity of circulation of money . The conduct of monetary policy is influenced by the specific and existing structure of financial institutions . Hence ...
... money explain why Kaldor is critical of the use of monetary policy as an instrument of fine- tuning . The fact is , since the central bank cannot control the supply of money substitutes ( Kaldor , 1960 , p . 5 ) , monetary policy cannot ...
... Monetary Policy in the Current Economic Crisis ' , in R. Cherry and T. Michl ( eds ) , The Imperiled Economy , New ... Monetary Economics , January , 6 ( 1 ) , 39–57 . Fand , D.I. ( 1980 ) , " Can the Central Bank Control the Money Stock ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown