共查询到20条相似文献,搜索用时 46 毫秒
1.
Malcolm Sawyer 《European Journal of the History of Economic Thought》2013,20(4):487-508
It is argued that Kalecki had a greater appreciation of the role of the monetary sector than has been generally recognized, and that Kalecki presented ideas which can be seen as now embedded in the structuralist post Keynesian analysis of endogenous money and in the circuitist approach. Six key features of Kalecki's monetary analysis are identified. The paper outlines Kalecki's dismissal of the ‘Pigou effect’ and the ‘Keynes effect’, and then discussion the relationship between the ‘principle of increasing risk’ and the nature of the supply of credit. It discusses interest determination in Kalecki's writings and the manner in which he distinguished different types of money. 相似文献
2.
This paper shows how the Cambridge theory of distribution isaffected by the nature of financial intermediation. When creditmarkets are akin to loanable funds markets in which lenderstransfer resources to borrowers, the Cambridge theory holdsand steady-state income distribution is independent of workers'saving behaviour. However, when credit markets embody endogenouslygenerated bank money, the Cambridge theory does not hold. Financialinstitutions and endogenous money therefore matter for long-runsteady-state outcomes, just as they do for short-run macroeconomicoutcomes. 相似文献
3.
Frank Hahn 《European Journal of the History of Economic Thought》2013,20(2):260-267
Patinkin's contribution to monetary theory is discussed with particular attention given to his ‘dichotomy argument’. It is shown that he is perfectly correct, but there is a confusion in the literature between the ‘neutrality proposition’ and the independence of equilibrium of the quantity of money. I then turn to homogeneity and its importance, and stress that the homogeneity applies to current as well as expected prices. I am rather unkind to mathematizing the double coincidence of wants argument, since it seems very obvious and the mathematics is exceptionally ugly. The paper concludes with remarks on monetary policy and the connection between the theory of money and that of information. 相似文献
4.
Rebeca Gomez Betancourt Matari Pierre Manigat 《European Journal of the History of Economic Thought》2018,25(5):1022-1051
AbstractThis paper analyses the influence of James Steuart on Karl Marx’s monetary thought. It deals more specifically with Marx’s rejection of an automatic mechanism that links variations in the quantity of money to their direct impact on prices. Steuart’s pioneering discoveries in economics inaugurate an anti-quantity theory tradition that Marx supported and which fed his own conception of money and credit. Here, we deal with the criticism of the assumptions of the quantity theory of money (QTM), the specifically social character of labour which creates exchange value, the distinction between the functions of money, the difference between income spending and capital advances, and the difference between simple circulation and reflux of money credit. 相似文献
5.
Despite the modern origins of endogenous growth theory, we argue that the ‘Idea for a Universal History with a Cosmopolitan Aim’ written by Immanuel Kant in 1784 provides an early and coherent example of such a theory. Kant's endogenous growth mechanism is driven by the inherent rivalry that exists between agents which increases effort and strengthens the accumulation of knowledge, which in turn is carried through generations. In an exercise in ‘rational reconstruction’, we present a mathematical model of Kant's mechanism. We use the model to contribute to the contemporary policy debate as to whether ‘keeping up with the Joneses’ leads to excessive effort. 相似文献
6.
Gerard Strange 《New Political Economy》2013,18(1):138-154
Pointing to its radical underpinnings in so-called ‘Open Marxism’ and its theory of the state (one that subsumes the state in the capital relation), this article critically scrutinises Peter Burnham's thesis of ‘depoliticisation’ as a dominant accumulation strategy and regime. The article identifies ambiguities around Burnham's depiction of New Labour in power as committed to depoliticisation. It addresses these by drawing a distinction between regime of accumulation and mode of regulation, characterising New Labour's political economy in terms of the latter as a form of depoliticised Keynesianism framed by ‘discretionary constraint’. Contra-Burnham, the article points to the continued efficacy of Keynesian and social democratic political agency in the context of a dialectic of depoliticisation and repoliticisation focused on the role and power of the state. This dialectic is symptomatic of the contested regulation of capitalism around the defence of the value of money, on the one hand, and its broader management and redistribution, on the other. 相似文献
7.
Guy Numa 《European Journal of the History of Economic Thought》2016,23(3):453-477
This paper analyses Dupuit's views on money, bimetallism, free banking and credit. By means of textual and contextual analysis, I argue that Dupuit endorsed the quantity theory based on the neutrality of money. For him, the value of money was determined by supply and demand. The only exception concerned the redistributive effects of gold between trading nations. Dupuit's approach to credit and his views on the issuance of banknotes were distinct from those of most French liberals. He did not consider credit to be capital, and he warned against the overissue of banknotes. 相似文献
8.
货币供给内生外生辨析 总被引:2,自引:0,他引:2
货币供给究竟是内生的还是外生的,这是货币金融领域始终争论不休的问题。货币数量论从货币数量与物价变动的关系得出货币具有外生性;凯恩斯的货币供给观由于经济环境的改变经历了由内生向外生的转变;后凯恩斯主义者则从信贷货币的产生过程得出货币内生的观点.综观货币发展史,内生与外生之争还有标准的混乱和概念不同等原因。 相似文献
9.
Fabio Petri 《Review of Political Economy》2013,25(3):308-340
AbstractRecent mainstream macroeconomic models take Say's Law for granted. This paper argues that the justification for this assumption is not found in general equilibrium theory but in the ‘neoclassical-synthesis’ (and then monetarist) criticism of Keynes, which relies in a fundamental way on a treatment of investment that turns out to depend not only on neoclassical capital-labour substitution (called into questioned by the Cambridge controversies) but also on an assumption of full labour employment that on the contrary should be a result of the analysis. This paper first criticizes the attempt to justify a negative interest-elastic investment function through adjustment costs, that is, without relying on traditional neoclassical capital-labour substitution, with special attention on the treatment in Romer's advanced textbook. Then it proceeds to its new contribution, the demonstration that an endogenous determination of labour employment raises questions about the capacity of decreases in the real wage to raise employment even accepting neoclassical capital-labour substitution, because when the latter is correctly understood the rate of interest does not suffice to determine investment; hence, there is an inevitable role for the accelerator (and Say's Law is thereby undermined). This was perceived by Dornbusch and Fischer but they did not realize that then reductions of real wages will reduce investment instead of raising it. Thus, the ‘neoclassical synthesis’ reply to Keynes is undermined even apart from the inconsistencies of neoclassical capital theory. So the paper exposes a deficiency of the neoclassical arguments in support of a tendency toward full employment, additional to the inconsistencies revealed by the capital critique. 相似文献
10.
Marc Lavoie 《Review of Political Economy》2013,25(4):436-446
About 30 years ago, Jacques Le Bourva published two little-known articles that clearly set out the present post-Keynesian theory of endogenous money developed by Kaldor and Moore. The main features of these two articles are presented, in particular Le Bourva's belief that reverse causation, rather than the instability of the velocity function, is the key objection to the quantity theory of money and the mainstream theory of inflation. Other features include a graphical and an algebraic pedagogical representation of the theory of endogenous money, the use of the Banking school's efflux/reflux mechanism, the dismissal of the money multiplier, and the impossibility of an excess supply of money. Le Bourva's theory of inflation also resembles that adopted by many post-Keynesians, in which price increases due to excessive wage demands and attempts by firms to raise their profit margins to finance investment. 相似文献
11.
AbstractThe aim of this article is twofold. First, it seeks to verify the elements of affinity between Graziani's approach to the Monetary Theory of Production and Keynes’ Treatise on Money and his General Theory. It is shown that two important theoretical elements, from the Treatise on Money, enter Graziani's basic schema, namely the view of endogenous money supply and the distribution process. At the same time, uncertainty and aggregate demand—conceived as a crucial variable in the General Theory—can play a significant role in the basic schema of the Monetary Theory of Production. Second, the article sets out a critical reconstruction of Graziani's basic schema emphasising the existence of ‘open issues’– such as bank behaviour and the ‘paradox of profits’—relating to internal and external inconsistencies. 相似文献
12.
Costas Lapavitsas 《Review of Political Economy》2013,25(2):219-235
The formation of money hoards, which underpins the demand for money, is typically treated by mainstream monetary theory as originating in the motives of the rational individual. In contrast, Marx's discussion of money hoarding treats hoard formation as a necessary tendency of capitalist production and circulation rather than as a result of the individual's predilections. Based on Marx's analysis, this article identifies several structural reasons for money hoard formation in the circuit of capital. It is also shown that Marx's discussion, despite its insight, suffers from a technical error in analysing the overlapping of production and circulation time in the circuit, and in drawing the implications for hoarding. Finally, it is argued that the broader significance of capitalist money hoarding lies in the foundations it provides for the emergence of the credit system. 相似文献
13.
Mauro Boianovsky 《European Journal of the History of Economic Thought》2013,20(2):206-237
AbstractThe paper offers a reconstruction of the ‘conversation’ between Irving Fisher and Knut Wicksell on money as shown by references they made to each other's works. The first phase corresponded largely to the period between 1897 and 1911, when they proposed different explanations of the interaction between interest and prices, and incorporated aspects of each other's approaches into their own respective frameworks. This was followed by Wicksell's extended criticism of Fisher's compensated dollar plan and his bewilderment at its apparent lack of relation with the quantity theory of money (1912–1919). Finally, especially after Wicksell's death, Fisher came to support a significant part of Wicksell's monetary policy proposals, particularly in connection with the Swedish stabilisation experiment in the early 1930s. Fisher and Wicksell were both heirs of Böhm-Bawerk's interest theory, but interpreted and criticised the Austrian from different perspectives, which helps to explain the differences in their approaches to monetary dynamics. 相似文献
14.
Thomas I. Palley 《Journal of Economics》1997,65(2):133-149
The theory of endogenous money has tended to reduce to a debate over the slope of the LM. This is because endogenous money is a dynamic phenomenon, and its implications are masked in static models such as ISLM. This paper examines the role of endogenous money in credit-driven business cycles. A key distinction concerns that between bank and direct credit. The former is more expansionary because it involves creation of new money balances, whereas the latter involves transfer of existing money balances. The paper provides a simulation revealing instability emerges at a lower debt-income ratio as the share of bank debt in total debt rises. 相似文献
15.
AbstractWe present a simple stock-flow consistent (SFC) model to discuss some recent claims made by Angel Asensio in a paper published in this journal regarding the relationship between endogenous money theory and the liquidity preference theory of the rate of interest. We incorporate Asensio’s assumptions as far as possible and use simulation experiments to investigate his arguments regarding the presence of a crowding-out effect, the relationship between interest rates and credit demand, and the ability of the central bank to steer interest rates through varying the stock of money. We show that in a fully-specified SFC model, some of Asensio’s conclusions are not generally valid (most importantly, the presence of a crowding-out effect is ambiguous), and that in any case, his use of a non-SFC framework leads him to leave aside important mechanisms which can contribute to a better understanding of the behavior of interest rates. More generally, this paper once more demonstrates the utility of the SFC approach in research on monetary economics. 相似文献
16.
Stephen Bell 《The Australian economic review》2004,37(4):391-401
This article first outlines the dynamics of what appear to be increasingly prevalent cycles of asset price inflation in liberalised financial systems, as well as the difficulties entailed in successful monetary policy responses. The article then analyses the Reserve Bank of Australia's policy responses to recent rises in credit growth and asset price inflation in the property sector. The Bank's responses are characterized in terms of an inflation‐plus targeting framework which has subtly redefined the Bank's approach to inflation targeting to include vaguely defined factors such as mediumterm‘risks’, as well as extending the time frame of such risk assessment. The article explains why, for a variety of reasons, the Bank has been reticent to fully declare its hand. 相似文献
17.
This article reports results from an experiment that examines whether an intrinsically worthless, ‘‘token'’ object serves as a medium of exchange in a laboratory implementation of Kiyotaki and Wright's search model of money. The theory admits Nash equilibria in which the token object is or is not used as a medium of exchange. We find that subjects nearly always offer to trade for the token object when such a trade lowers their storage costs. However, subjects frequently refuse to offer to trade the token object for more costly‐to‐store goods when the theory predicts they should make such trades. 相似文献
18.
Naveen Kanalu 《European Journal of the History of Economic Thought》2015,22(5):896-914
AbstractIn the wake of Sraffa's ‘return to classical theory’, Krishna Bharadwaj undertook a critical reassessment of Marshall's claim to continuity with classical theory in general and Ricardo's ‘intensive margin’ in particular. Her analysis is based on an analytical separation between two distinct ways of economic reasoning: the ‘surplus based’ and the ‘demand and supply based’ theories. Calling it an ‘archaeological reconstruction’ of the history of economic theories, I will examine how such an interpretation of theoretical shifts clarifies both the presuppositions behind analysing at the ‘margin’, and hence its radical departure from the conceptual content of the classical theory. 相似文献
19.
James R. Wible 《Review of Political Economy》2013,25(3):294-323
In this paper, John Maynard Keynes' General theoryand the concept of money are given an evolutionary interpretation. This interpretation is based on Karl Popper's delightful essay ‘Of clouds and clocks: an approach to the problem of rationality and the freedom of man’. The essay presents two things: Popper's conception of indeterminism and his general theory of abstractions. Popper's general theory concerns the role of abstractions and rule-governed, hierarchical systems of abstractions in structuring an indeterministic and uncertain world. He applies his general theory to science.Popper maintains that science is an abstract, rule-governed, linguistic process that facilitates criticism as a way of learning about our world. Popper calls this the growth of knowledge function of science. Popper's general theory can be applied to Keynes' General theory. Following Popper, I argue for a conception of the economy as a rule-governed, monetary language of commerce that facilitates critically minded inquiry in the domain of ordinary economic transactions. A monetary system facilitates the growth of commonsense knowledge in the economy. I call this the growth of knowledge function of money. An awareness of indeterminism and a growth of knowledge like function of money seem to pervade Keynes' General theory. 相似文献
20.
Christian Pierdzioch Jan‐Christoph Rülke Georg Stadtmann 《The German Economic Review》2012,13(1):103-115
The quantity theory of money, Okun's law, and the Phillips curve are cornerstones of macroeconomic theory. But are they also of practical relevance? Using survey data for the euro area, we found that professional economists’ forecasts are consistent with a version of the quantity theory in which forecasts of the growth rate of money supply correlate in a proportional way with forecasts of the inflation rate. We also found that forecasts of changes in the unemployment rate and forecasts of the growth rate of real output are consistent with Okun's law. Evidence of a systematic link between forecasts of the inflation rate and forecasts of the unemployment rate, however, is not strong. 相似文献