Modern Theories of Money: The Nature and Role of Money in Capitalist Economies (Google eBook)
Louis-Philippe Rochon, Sergio Rossi
Edward Elgar Publishing, Jan 1, 2003 - Business & Economics - 588 pages
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.'
- Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US
This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic.
Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.
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An Endogenous Money Perspective
The Case for AssetBased Reserve Requirements
5 Seigniorage or Sovereignty?
6 Asymmetric Information Credit Rationing and the Stiglitz and Weiss Model
THE THEORY OF THE MONETARY CIRCUIT
Post Keynesian and Circulation Approaches
13 An Internal Critique of General Equilibrium Theory
A Final Rejection
15 Circuit Theory as an Explanation of the Complex Real World
16 Money and Banking in a Monetary Theory of Production
17 On the Macroeconomic Foundations of the WagePrice Relationship
18 Involuntary Unemployment and Investment
FURTHER CONTRIBUTIONS TO MONETARY ANALYSIS
Notes on the Monetary Theory of Production
8 Thinking of the Economy as a Circuit Biagio Bossone1
Some Preliminary Evidence
Rereading Marxian Monetary Theory
11 How Heterodox is the Heterodoxy of Monetary Circuit Theory? The Nature of Money and the Microeconomics of the Circuit
An Alternative Interpretation
THE THEORY OF MONEY EMISSIONS
ABRR agents aggregate Albeuve analysis approach argues bank deposits banking system banknotes behaviour borrowers Bortis capital Cencini central bank circuitists circulation commodity consumption created debt demand for money determined Edward Elgar effective demand employment endogenous money equations equilibrium ex ante exchange rate existence fiat money financial intermediaries firms framework function funds Graziani horizontalists households ibid interest rate investment IS-LM issue John Maynard Keynes Journal of Economics Journal of Post Keynes Keynes's labour Lavoie liabilities liquidity preference loans Macmillan macroeconomic Marx means of payment Minsky monetary circuit monetary economy monetary policy monetary production economy monetary theory money supply Monnaie et Production neoclassical non-bank output Parguez Political Economy Post Keynesian Economics principle private banks purchasing power quantity rate of interest relative price Rochon role saving Schmitt Seccareccia sector seigniorage Smithin social store of wealth theory of money uncertainty unit wages
Page 7 - it is a recognized characteristic of money as a store of wealth that it is barren; whereas practically every other form of storing wealth yields some interest or profit. Why should anyone outside a lunatic asylum wish to use money as a store of wealth?