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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... money endogeneity from other theories of endogenous money developed by orthodox economists . For instance , both Wicksell and Hayek recognized the endogenous nature of the credit supply , while , as Lavoie ( 1996a ) makes the point , money ...
... endogenous approach to money in his early work , and that this approach is consistent with his financial instability hypothesis . " Dymski and Pollin ( 1992 , p . 41 ) have also argued along these lines , claiming that money endogeneity ...
... money are consistent throughout , and that in particular , he had adopted a theory of money endogeneity in 1939. For instance , Targetti ( 1992 , p . 265 ) claims that Kaldor " first began to develop [ endogenous money ] during the ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown