Credit, Money, and Production: An Alternative Post-Keynesian Approach
Rochon (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 economics. 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 better theories of credit-money.
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accept accommodation According activity amount analysis appears approach argues argument assets authors balance bank credit base become behavior borrowers causality central bank changes chapter circuit circulation claims commercial banks created creditworthiness criticism Davidson debt decisions demand for money deposits determined developed discussion early economic effective elements emphasis endogenous money existence exogenous fact fall finance finance motive firms funds future given Hence hold horizontalism horizontalists households implies important income increase influence instance interest rates investment issue Kaldor Keynes Keynes's Keynesian Lavoie lead lending liability liquidity preference loans Minsky monetary monetary policy monetary theory money supply Moore multiplier notion orthodox portfolio position post-Keynesian theory production profits quantity rate of interest rationing reasons rejection requirements reserves respect result rise risk Robinson role saving Second sense structuralists suggests supply curve theory of money Tobin uncertainty views