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 84
... role of banks arises only at the end of the period , and is , so to speak , an exception to the rule . Second , whereas in orthodox thought bank deposits determine the supply of loans , here , deposits determine the demand from firms to ...
... role which money plays as a store of value . And it is this role of money which post - Keynesians have emphasized , as opposed to money's other roles , such as a means of circulation or a unit of account . - - Post - Keynesians argue ...
... role of the " stock of money as a revolving fund taking care of a flow of credit . " While a definite step in the right direction , Keynes's analysis still does not get us very far . Keynes's emphasis was placed on the causal role of ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown