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which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production …In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in …. I then focus in more detail on two main categories: the orthodox approach that views money as an efficiency …
Persistent link: https://www.econbiz.de/10008868035
John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …
Persistent link: https://www.econbiz.de/10009395384
This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the … more generally. To put it the way that economists usually do, money "lubricates" the market mechanism-a good thing, because … so have no chance. The paper advances an alternative framing for money and shows how it can be used to reshape discussion …
Persistent link: https://www.econbiz.de/10010627293
money and finance should not matter much, the alternative tradition-from Veblen and Keynes to Galbraith and Minsky …-provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs …
Persistent link: https://www.econbiz.de/10008876439
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of …
Persistent link: https://www.econbiz.de/10008854453
Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth-generation models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter...
Persistent link: https://www.econbiz.de/10009367419
Over the last 20 years or so, mainstream economists have become more interested in spatial economics and have introduced largely neoclassical economic concepts and tools to explain phenomena that were previously the preserve of economic geographers. One of these concepts is the aggregate...
Persistent link: https://www.econbiz.de/10010548941
This paper aims to help bridge the gap between theory and fact regarding the so-called "Minsky moments" by revisiting the "financial instability hypothesis" (FIH). We limit the analysis to the core of FIH--that is, to its strictly financial part. Our contribution builds on a reexamination of...
Persistent link: https://www.econbiz.de/10008531422
The rational expectations hypothesis (REH) is the standard approach to expectations formation in macroeconomics. We discuss its compatibility with two strands of Karl Popper's philosophy: his theory of knowledge and learning, and his "rationality principle" (RP). First, we show that the REH is...
Persistent link: https://www.econbiz.de/10010735156
This paper examines the "utilization controversy" around the Kaleckian model of growth and distribution. We show that the Federal Reserve data on capacity utilization, which have been used by both sides of this debate, are the wrong kind of data for the issue under examination. Instead, a more...
Persistent link: https://www.econbiz.de/10010627284