A Handbook of Alternative Monetary EconomicsPhilip Arestis, Malcolm C. Sawyer Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and t |
Contents
| 1 | |
| 17 | |
| 35 | |
empirical evidence | 52 |
5 Chartalism and the taxdriven approach to money | 69 |
6 French circuit theory | 87 |
7 The Italian circuitist approach | 105 |
8 The theory of money emissions | 121 |
17 The theory of interest rates | 273 |
18 The role of banks in the context of economic development with reference to South Korea and India | 291 |
19 Credit rationing | 307 |
20 Liquidity preference theory | 328 |
21 Financial liberalization and the relationship between finance and growth | 346 |
22 Deregulation | 365 |
23 Banking and financial crises | 385 |
24 A postKeynesian analysis of financial crisis in the developing world and directions for reform | 403 |
9 Keynes and money | 139 |
10 Minsky on financial instability | 154 |
11 Kalecki on money and finance | 172 |
12 Karl Marxs theory of money and credit | 188 |
a critical review | 205 |
14 Monetary policy | 224 |
15 Monetary policy in an endogenous money economy | 242 |
16 Central bank and lender of last resort | 258 |
25 Financial bubbles | 420 |
26 Keynesian uncertainty and money | 438 |
27 Speculation liquidity preference and monetary circulation | 454 |
28 Money and inflation | 471 |
the property explanation | 490 |
Index | 509 |
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A Handbook of Alternative Monetary Economics Philip Arestis,Malcolm C. Sawyer No preview available - 2006 |
Common terms and phrases
analysis approach Arestis argued asset prices balance sheet banking system behaviour borrowers Cambridge capital capitalist central bank changes Chartalism commodity credit rationing crises currency curve debt demand for money economists Edward Elgar endogenous money equilibrium exchange rate expectations financial crisis financial liberalization financial markets financial system firms funds growth horizontalist income increase inflation targeting institutions interest rates investment investors issue J.M. Keynes John Maynard Keynes Journal of Economic Journal of Post Kalecki Keynes Keynes's labour Lavoie liabilities liquidity preference loans London Macmillan macroeconomic Minsky monetarist monetary economy monetary policy monetary theory money supply NAIRU natural rate neoclassical output payment Phillips curve Post Keynesian Economics problem production profits rate of interest reserves rise risk role savings Say's Law sector Smithin speculative stability Stiglitz structure theory of money tion transactions UK and Northampton uncertainty unit of account University Press wage workers Wray
Popular passages
Page 322 - The outstanding fact is the extreme precariousness of the basis of knowledge on which our estimates of prospective yield have to be made. Our knowledge of the factors which will govern the yield of an investment some years hence is usually very slight and often negligible.
Page 90 - It is preferable to regard labour, including, of course, the personal services of the entrepreneur and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand.
Page 329 - Thus the rate of interest at any time, being the reward for parting with liquidity, is a measure of the unwillingness of those who possess money to part with their liquid control over it. The rate of interest is not the "price" which brings into equilibrium the demand for resources to invest with the readiness to abstain from present consumption. It is the "price" which equilibrates the desire to hold wealth in the form of cash with the available quantity of cash.
Page 209 - But the daily revaluations of the Stock Exchange, though they are primarily made to facilitate transfers of old investments between one individual and another, inevitably exert a decisive influence on the rate of current investment. For there is no sense in building up a new enterprise at a cost greater than that at which a similar existing enterprise can be purchased...
Page 140 - I shall argue that the postulates of the classical theory are applicable to a special case only and not to the general case, the situation which it assumes being a limiting point of the possible positions of equilibrium.
Page 102 - 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. It is supposed that a depositor and his bank can somehow contrive between them to perform an operation by which savings can disappear into the banking system...
Page 344 - In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again."22 Any attempt to provide policymakers with guidelines for solving real-world problems such as the energy crisis using assumptions of "a world of certainty...
Page 74 - 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 43 - This means that, in general, the banks hold the key position in the transition from a lower to a higher scale of activity.
Page 210 - Enterprise only pretends to itself to be mainly actuated by the statements in its own prospectus, however candid and sincere. Only a little more than an expedition to the South Pole, is it based on an exact calculation of benefits to come.