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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... rate hypothesis " is shared by Smithin ( 1994 ) , Lavoie ( 1996 ) , Rogers ( 1989 ) , and Seccareccia ( 1990 , 1994 ) ... normal " or " natural " rate relative to which the market rate moved . As such , " A comprehensive critique of the ...
... rate of interest is not an exogenous rate of interest - it is endogenous . The problem is that Minsky is far from ... normal " or " natural " rate relative to which the market rate moved . It would appear from the discussion above that ...
... normal " or given value of the velocity of money , Kaldor can claim that he has sufficiently broken away from the orthodox mold . Lastly , Kaldor argues that given the indirect relationship between money and income , through the rate of ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown