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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... Transmission Mechanism : A Comparison with Post - Keynesian Theory This chapter will explore the monetary contributions of New Keynesian economics for two specific reasons ... Transmission Mechanism: A Comparison with Post-Keynesian Theory.
... mechanisms in such a way that they will be able to separate good from bad borrowers . Hence , Bester ( 1985 ) argues that there are in fact two separate influences operating simultaneously on borrowers , and ... Transmission Mechanism 243.
... transmission mechanisms of monetary theory : the balance sheet and bank lending channels . The Balance Sheet Channel The first of the transmission channels of the lending or credit view is the balance sheet ... Transmission Mechanism 245.
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown