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 econ
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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 function 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 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