Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore
Edward Elgar Publishing, Jan 1, 2006 - Econometrics - 448 pages
That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During
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2 The need and some methods for dynamic modelling in Post Keynesian economics
PART II Complexity uncertainty and path dependence
3 The complex problem of modelling economic complexity
4 Complex dynamics and Post Keynesian economics
complexity analysis for enterprise and investment
additional evidence from the history of economic thought economic history and economic policy
12 Monetary policy when money is endogenous
some critical considerations
14 Features of a realistic banking system within a PostKeynesian stockflow consistent model
PART IV The macroeconomics of exogenous interest rates
15 When are interest rates exogenous?
Moore in perspective
some partial explanations
towards a Moorian credit supply curve and a reconciliation between horizontalists and structuralists?
PART III The macroeconomics of endogenous money
the conceptual foundations
a contribution to the theory of central banking
Basil Moore and the supply of credit
a lesson in institutional change
PART V Unemployment inflation and the determination of aggregate income
20 InstitutionalistPost Keynesian economics and the Post Monetarist new consensus
21 A future for Keynesian macroeconomics
Selected works by Basil J Moore
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aﬀect aggregate demand analysis Arestis argues balance sheet bank loans bank’s banking system Basil Moore behavior borrowers business cycle capital capitalist Charles Goodhart commercial banks credit money credit supply schedule curve Davidson debt deﬁned deﬁnition demand for money deposits determined diﬀerent economists economy’s Edward Elgar eﬀective demand endogenous money equation equilibrium European Central Bank Eurosystem exchange rate exogenous expectations ﬁnance ﬁnancial ﬁnd ﬁrms ﬁrst ﬁscal policy ﬁxed ﬂow ﬂuctuations forecast full employment Goodhart growth horizontal identiﬁed income increase inﬂation inﬂuence interest rate investment Journal of Economic Journal of Post Keynes Keynes’s Lavoie lending liabilities liquidity preference long run Macmillan macroeconomic ment Minsky monetarism monetary policy monetary theory money supply Moore’s neoclassical nomic output payment Phillips curve Post Keynesian Economics production proﬁt rate of interest ratio reﬂected reserves role sector Setterﬁeld short-run signiﬁcant speciﬁc suﬃcient target UK and Northampton uncertainty variable wage Wray
Page xi - The author and publishers wish to thank the following who have kindly given permission for the use of copyright material.
Page 203 - In the case supposed, the functions of money are performed by a thing which derives its power for performing them solely from convention; but convention is quite sufficient to confer the power ; since nothing more is needful to make a person accept anything as money, and even at any arbitrary value, than the persuasion that it will be taken from him on the same terms by others.
Page 27 - finance " has given rise to an interesting discussion which throws much light \ Parti on the whole issue. * It is Mr. KEYNES' insistence that " finance is essentially a revolving fund .... As soon as it is ' used ' in the sense of being expended, the lack of liquidity is automatically made good and the readiness to become temporarily unliquid is available to be used over again...
Page 244 - For most of these persons are, in fact, largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public.
Page 205 - These methods depend in part on brute force, eg, the colonial system. But they all employ the power of the State, the concentrated and organized force of society, to hasten, hothouse fashion, the process of transformation of the feudal mode of production into the capitalist mode, and to shorten the transition. Force is the midwife of every old society pregnant with a new one. It is itself an economic power.
Page 203 - A prince, who should enact that a certain proportion of his taxes should be paid in a paper money of a certain kind, might thereby give a certain value to this paper money ; even though the term of its final discharge and redemption should depend altogether upon the will of the prince.
Page 27 - finance' has nothing to do with saving. At the 'financial' stage of the proceedings no net saving has taken place on anyone's part, just as there has been no net investment. 'Finance' and 'commitments to finance' are mere credit and debit book entries, which allow entrepreneurs to go ahead with assurance.
Page 203 - OF AN INCONVERTIBLE PAPER CURRENCY. § 1 . AFTER experience had shown that pieces of paper, of no intrinsic value, by merely bearing upon them the written profession of being equivalent to a certain number of francs, dollars, or pounds, could be made to circulate as such, and to produce all the benefit to the issuers which could haye been produced by the coins which they purported to represent...
Page 243 - We are assuming, in effect, that the existing market valuation, however arrived at, is uniquely correct in relation to our existing knowledge of the facts which will influence the yield of the investment, and that it will only change in proportion to changes in this knowledge; though, philosophically speaking, it cannot be uniquely correct, since our existing knowledge does not provide a sufficient basis for a calculated mathematical expectation.
Page 24 - The prevalence of the idea that saving and investment, taken in their straightforward sense, can differ from one another, is to be explained, I think, by an optical illusion due to regarding an individual depositor's relation to his bank as being a one-sided transaction, instead of seeing it as the two-sided transaction which it actually is.