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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... rate of return on securities , and ra , the rate of return ( interest ) on bank saving deposits , i.e. the own - rate of return on money . The decision to allocate saving between money and securities can be reduced roughly to a struggle ...
... rate of interest therefore requires a compelling critique of the concept of ... return . 34 , 35 There are still nonetheless a number of debates surrounding ... rate of profit , an imposed creditworthy criteria on firms , and the need for ...
... rates , the distribution of income ) , ( 4 ) the effects of interest rate changes on the viability , prosperity ... return ) . The crucial element is ε , which represents a risk premium - i.e. a measure of banks ' liquidity preference ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown