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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... interest Keynes gave several indications that the rate of interest is exogenous , and that it does not rise with economic activity . In fact , Keynes expressively argued in the latter years of his life that the rate of interest was ...
... rate of interest The second criticism made against the horizontalist argument is that it fails to explain the level of the base rate of interest as determined by the central bank ( Heise , 1992 ) , or that the rate of interest is pegged ...
... interest rate changes , ( 3 ) their ultimate goals ( full employment , price stability , growth , balance of payments , terms of trade , exchange rates , the distribution of income ) , ( 4 ) the effects of interest rate changes on the ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown