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 interest ; and the amount of money in existence will be demand - determined . To C cd Credit - money C ... standard beliefs imbedded in the neoclassical paradigm are recovered : an increase in investment leads to an increase in the ...
... standard orthodox premises . " Crotty ( 1996 , p . 334 ) makes a similar conclusion . According to the author ... rate of interest , several issues arise . On the one hand , it is clear that New Keynesians and post - Keynesians differ on how ...
... rate of interest on bonds , and R is reserves . It is solved by incorporating the demand for credit into the standard IS curve . However , Bernanke and Blinder ( 1988 , pp . 436-7 ) write that , in contradistinction to the standard IS ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown