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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... upward sloping in credit - interest rate space , although the specific slope can also well be downward - sloping . - For instance , Lavoie ( 1996 , p . 280 ) states that " horizontalists would capture this upward sloping curve by ...
... upward sloping with respect to interest rates . " Arestis and Howells ( 1996 , p . 541 ) have also stated that “ such a curve may be horizontal but it may not ; it all depends on the interaction between the supply curve and the demand ...
... upward sloping curve originates ? The answer to this question is to be found in Minsky's early views on money , which can be traced back to two articles published in 1957 , one in the American Economic Review ( 1957a ) and the other in ...
Contents
Credit Money and Production | 8 |
Figures | 41 |
Clarifications | 42 |
Copyright | |
6 other sections not shown