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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... production the business world is increasing outgoings in terms of money - paying out in money for wages and other expenses of production - in the expectations of recouping the outlay by disposing of the product for money at a later date ...
... production are perceived to remain unchanged over time , the flow of production would require financing . " Moreover , as Graziani ( 1985 , p . 167 ) writes : If the level of production is constant , firms receive constant revenues from ...
... production of capital goods with the production of consumption goods . 33 Finally , Keynes ( xiv , p . 283 ) writes - while referring to the " funds available for investment ” – that credit " covers the use of the revolving pool of ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown