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
... household saving . This is precisely the argument of Nell and Deleplace ( 1996 , p . 14 ) : " If bank credit is limited to wage costs , the proceeds of the capital goods sector cannot be superior to the invested profit of the consumer ...
... household saving . This is precisely the argument of Nell and Deleplace ( 1996 , p . 14 ) : " If bank credit is limited to wage costs , the proceeds of the capital goods sector cannot be superior to the invested profit of the consumer ...
Page 30
... households . Money is created ex nihilo ( Aglietta , 1979 , p . 335 ) as soon as credit is awarded to firms . 34 Keynes also had this notion of the monetary circuit in mind , when in his Economic Journal articles , he discusses the ...
... households . Money is created ex nihilo ( Aglietta , 1979 , p . 335 ) as soon as credit is awarded to firms . 34 Keynes also had this notion of the monetary circuit in mind , when in his Economic Journal articles , he discusses the ...
Page 31
... households and for investment- goods firms . Bank credit must be put into productive use in order for firms to generate income . It is the creation of incomes which allows money to circulate . If there were no workers to remunerate ...
... households and for investment- goods firms . Bank credit must be put into productive use in order for firms to generate income . It is the creation of incomes which allows money to circulate . If there were no workers to remunerate ...
Page 32
... households do not save , then firms will have succeeded in extolling from the circuit the exact amount of money they injected into the economy at the beginning of the circuit . Thus at the end of the circuit , with no household saving ...
... households do not save , then firms will have succeeded in extolling from the circuit the exact amount of money they injected into the economy at the beginning of the circuit . Thus at the end of the circuit , with no household saving ...
Page 33
... households not saving is unrealistic . Generally , households will save a portion of their income . While saving generally represents a drain on firms ' proceeds and profits , it is important to clearly differentiate between the ...
... households not saving is unrealistic . Generally , households will save a portion of their income . While saving generally represents a drain on firms ' proceeds and profits , it is important to clearly differentiate between the ...
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