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 61
... profits , whose expectation is the support of the rise in capital value which is the stake of current investment . Parguez's position ( which is supported here ) is in contrast with Zebato's ( 1989 , p.96 ) view that profits cannot be ...
... profits . As a result , " In the aggregate firms are finding their debt burdens lightened even as their capacity to carry debt increases ... [ since ] in the aggregate profit flows are not determined by the action of individual firms ...
... profits . Their decisions to meet credit demand will be influenced by a target - i.e. , anticipated - rate of return ... profits and reimburse their debt . Hence , if r * represents the ex ante rate at which the bank will supply q ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown