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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... monetized economy of production . Circuitists , as this chapter will show , do precisely this , by integrating the creation of money with a theory of production , distribution and accumulation in a modern theory of a monetized economy ...
... monetized economy . Quoted by Moggridge . See Keynes ( vii , p . xviii ) . Recall that many post - Keynesians have argued that in Rousseas , Davidson , Minsky and Kaldor , money is endogenous largely because of changes in the velocity ...
... monetized economy must also include a theory of money - that is , a theory which explains how money is created , how it is circulated , how it is destroyed , and how its circulation is interrupted or affected by various macro elements ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown