Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth

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Springer, Apr 30, 2016 - History - 530 pages
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This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
 

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Contents

Balance Sheets Transaction Matrices and the Monetary Circuit
23
The Simplest Model with Government Money
57
Equation list of Model SIM with expectations SIMEX
92
Government Money with Portfolio Choice
99
Equation list of Model PC
126
Equations of Model LP
165
A Simple Model with Private Bank Money
217
Time Inventories Profits and Pricing
250
A Model with Private Bank Money Inventories and Inflation
284
Equation list of Model DIS
308
A Model with both Inside and Outside Money
314
A Growth Model Prototype
378
A More Advanced Open Economy Model
445
General Conclusion
493
References
501
Index
514

A Numerical example of inventory accounting
278

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About the author (2016)

WYNNE GODLEY was Director of the Department of Applied Economics at the University of Cambridge, UK, from 1970 to 1987, and a Professor of Applied Economics from 1980 to 1993. Subsequently, he was a Distinguished Scholar at the Levy Economics Institute of Bard College, New York, USA, and then a Visiting Research Associate at the Cambridge Endowment for Research in Finance.

MARC LAVOIE is Professor in the Department of Economics at the University of Ottawa, Canada. He has written over 175 journal articles and book chapters, as well as authoring Foundations of Post-Keynesian Economic Analysis and Introduction to Post-Keynesian Economics.

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