Credit, Money, and Production: An Alternative Post-Keynesian ApproachRochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to offer a historical overview of the post-Keynesian and circuit approaches to endogenous money, and provides an informed critique of the development of post-Keynesian econ |
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Page 25
... bank credit is limited to wage costs , the proceeds of the capital goods sector cannot be superior to the invested profit of the consumer goods sector , hence to its own wage bill : profit in the capital goods sector is nil . " The ...
... bank credit is limited to wage costs , the proceeds of the capital goods sector cannot be superior to the invested profit of the consumer goods sector , hence to its own wage bill : profit in the capital goods sector is nil . " The ...
Page 26
... bank credit ( both medium and long - term financing ) remains at the core of the financing . As Seccareccia ( 1997 , p . 10 ) has shown using Canadian data , " A notable proportion of corporate investment is done via debt creation ...
... bank credit ( both medium and long - term financing ) remains at the core of the financing . As Seccareccia ( 1997 , p . 10 ) has shown using Canadian data , " A notable proportion of corporate investment is done via debt creation ...
Page 28
... Bank credit is used for production , and saving may be used as a way of reimbursing the initial debt by firms selling new securities - what can be labeled financial saving . Further , Keynes ( xiv , p . 210 ) argues that the " finance ...
... Bank credit is used for production , and saving may be used as a way of reimbursing the initial debt by firms selling new securities - what can be labeled financial saving . Further , Keynes ( xiv , p . 210 ) argues that the " finance ...
Page 31
... banks . " 35 At this stage of the circuit , as banks extend credit to firms , the firms ' bank accounts increase by the exact amount of the credit demanded and supplied . Thus , initially , the " supply of money " in conventional terms ...
... banks . " 35 At this stage of the circuit , as banks extend credit to firms , the firms ' bank accounts increase by the exact amount of the credit demanded and supplied . Thus , initially , the " supply of money " in conventional terms ...
Page 32
... bank credit provided the level and costs of production have remained unchanged . Second , they can use the proceeds to pay back the banks the exact amount of the initial finance ( provided household hoarded saving is nil ) . The first ...
... bank credit provided the level and costs of production have remained unchanged . Second , they can use the proceeds to pay back the banks the exact amount of the initial finance ( provided household hoarded saving is nil ) . The first ...
Contents
8 | |
42 | |
The Early Views of Endogenous Money Minsky Kaldor and Tobin | 82 |
The Early Views of Endogenous Money Revisited Davidson and Rousseas versus Robinson and Kahn | 132 |
Horizontalists and Structuralists Credit and Endogenous Money | 155 |
PostKeynesians and Orthodoxy Neo PostKeynesians? | 202 |
New Keynesian Monetary Theory and the Transmission Mechanism A Comparison with PostKeynesian Theory | 232 |
A PostKeynesianCircuitist Theory of Banks Uncertainty Creditworthiness and the Supply of Credit | 278 |
Bibliography | 301 |
Index | 331 |
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Common terms and phrases
analysis approach Arestis argues argument assets asymmetric information bank credit behavior borrowers causality central bank changes chapter circuitists circulation claims commercial banks credit and money credit rationing credit-money creditworthiness criticism Davidson debt demand for credit demand for money deposits determined Dymski Eichner endogenous money ex ante exogenous finance motive financial innovations firms Graziani Hence horizontalism horizontalist position households increase instance interest rates investment Journal of Post Kalecki Keynesian theory Lavoie liability management liquidity preference loanable funds Macroeconomics mark-up Minsky's monetary circuit monetary policy monetary theory money endogeneity money multiplier money supply curve Moore multiplier model neoclassical Nicholas Kaldor notion orthodox Palley Parguez Pollin portfolio decisions Post Keynesian Economics post-Keynesian theory production profits quantity of money rate of interest Robinson role Rousseas saving Seccareccia structuralists supply of credit supply of money theory of endogenous theory of money Tobin transmission mechanism uncertainty upward sloping velocity of money views Wray