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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... structuralists argue that liquidity preference influences the premium . In essence , structuralists argue that , as economic activity increases , so does the rate of interest given decreases in the liquidity positions of banks and ...
... structuralists ( as was shown before ) , there exist also a number of disagreements . These can be regrouped under two specific headings , or outstanding issues : ( 1 ) the slope of the money supply curve ; and ( 2 ) the controversy ...
... structuralists ought to reconsider some key elements of their approach to money . While structuralists have a well developed theory of a monetized economy , where the existence of money and its specific properties affect the decisions ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown