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 89
... need to be the case . Although many parts of the General Theory must be forsaken , many insights into a heterodox ... needs of trade . " Money is created ex nihilo from credit extended by banks to cover production and investment costs ...
... needs for reserves . As a result , commercial banks will obtain , either through borrowed or non - borrowed reserves ( the discount window ) , the necessary reserves . For instance , Forman et al . , ( 1987 , pp . 689–90 ) claim that ...
... needs , commercial banks develop innovative ways to either find additional reserves or economize on reserves . It is perhaps true that in a non - accommodating environment commercial banks may engage in liability management in order to ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown