Post Keynesian Monetary Economics by Stephen Rousseas (auth.)

By Stephen Rousseas (auth.)

A publish Keynesian critique of monetarism and of up to date Keynesian conception, calling for a go back to the unique principles of John Maynard Keynes. Its basic emphasis is at the endogeneity of the cash provide and at the monetary thoughts that experience served to restrict the effectiveness of financial coverage. It demands the addition of a selective regulate over the circulation of credits within the economic climate as an addition to the traditional Keynesian contracyclical instruments for conserving the financial system at complete employment, besides a reputation that inflation is a functionality of cash wages and never the mixture offer or money.

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Example text

It is the peculiarity of money and near monies (which are being rapidly converted into interest-paying chequable deposits) that makes the income velocity of circulation of the money supply such a critical factor in the working of a modem monetary economy. And with the violent transformation of the monetary system via financial innovations, it is the state of general liquidity, rather than the narrower concept of the money supply, that has become the critical factor in the oscillations of the economy.

6 There is no provision for a monetary system interacting with the real sector of the economy. When money is brought in, it is often in the form of the quantity theory of money where the money supply is exogenously determined by the central bank. And changes in the money supply are seen, in the long run, to affect only the level of prices with no lasting effect on real output and employment - which is at rest in a state of full-employment equilibrium. In a credit economy, by contrast, money has no supply function in the production sense.

Indeed, in the index of his two-volume work there is no entry for either concept and the 'Bulls-Bears' and 'Two Views' entries deal largely with speculation on the stock exchanges. The Treatise was a half-way house between Keynes's Tract on Monetary Reform (1923) and his General Theory of Employment, Interest, and Money (1936). His analysis of expectations in relation to output and employment, in the General Theory, focused on the longterm expectations that govern the pace of investment. The expected rate of profit of any investment project was seen to depend on the current supply price of a capital asset and its prospective yield.

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