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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... Accumulation of Capital , acknowledges that her " debt to Keynes , Wicksell ... Rate of Interest " ( 1951 ) , 13 and Kahn's 1958 ( see Kahn , 1972 ) ... rate of interest as an exogenous policy variable " determined from outside the system ...
... accumulation of debt as inflationary , as firms may raise prices in an effort to recapture some proceeds . The central bank may hence decide to increase the rate of interest . Banks would then raise their own rates on loans . The ...
... Rate of Interest " , Econometrica , April , 19 ( 2 ) , 92-111 . Robinson , J. ( 1952 ) , The Rate of Interest and Other Essays , London : Macmillan . Robinson , J. ( 1956 ) , The Accumulation of Capital , London : Macmillan . Robinson ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown