Modern Theories of Money: The Nature and Role of Money in Capitalist Economies (Google eBook)

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Louis-Philippe Rochon, Sergio Rossi
Edward Elgar Publishing, Jan 1, 2003 - Business & Economics - 588 pages
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'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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Contents

Means of Payment or Store of Wealth?
3
2 Endogenous Money Banks and the Revival of Liquidity Preference
18
An Endogenous Money Perspective
41
The Case for AssetBased Reserve Requirements
67
5 Seigniorage or Sovereignty?
84
6 Asymmetric Information Credit Rationing and the Stiglitz and Weiss Model
103
THE THEORY OF THE MONETARY CIRCUIT
113
Post Keynesian and Circulation Approaches
115
13 An Internal Critique of General Equilibrium Theory
265
A Final Rejection
295
15 Circuit Theory as an Explanation of the Complex Real World
322
16 Money and Banking in a Monetary Theory of Production
339
17 On the Macroeconomic Foundations of the WagePrice Relationship
360
18 Involuntary Unemployment and Investment
384
FURTHER CONTRIBUTIONS TO MONETARY ANALYSIS
409
Notes on the Monetary Theory of Production
411

8 Thinking of the Economy as a Circuit Biagio Bossone1
142
Some Preliminary Evidence
173
Rereading Marxian Monetary Theory
198
11 How Heterodox is the Heterodoxy of Monetary Circuit Theory? The Nature of Money and the Microeconomics of the Circuit
219
An Alternative Interpretation
246
THE THEORY OF MONEY EMISSIONS
263
Minsky as a Post Keynesian Hayekian
475
21 A Primer on Endogenous CreditMoney
506
22 The Gold Standard and CentrePeriphery Interactions
544
Name Index
561
Subject Index
567
Copyright

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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?
Page 14 - Unemployment develops.., because people want the moon; men cannot be employed when the object of desire (ie money) is something which cannot be produced and the demand for which cannot be readily choked off

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