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 38
... portfolio changes allow banks to raise the necessary funds to lend . In fact , this position was precisely defended by Fand ( 1980 , p . 288 ) : The money stock at any moment in time is the result of portfolio decisions by the central ...
... portfolio decisions versus bank credit . As well , the above simple definition does not attempt to clarify the difference between a stock approach versus a flow approach to money . The second approach to money endogeneity is largely ...
... portfolio behavior of the latter is crucial in mediating between the authorities ' policy stance and the actual outcome for money stock . " But the problem with the emphasis on money as a store of value and on portfolio decisions of ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown