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 …. Kregel ; Chartalist ; Modern Money Theory ; State Money ; Credit Money ; Default …

ownership and control of private property (wealth, money, riches) is an initial, necessary condition to be able to put one … Virtue (giving) or Vice (greed). Smith believed that the effective control of money and loans by an independent, Central Bank …

.e. they are not substitutes of money. When budget constraints take into account the realization problem associated with the …

The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium … trading at "false" prices, a phenomenon ruled out by assumption in dynamic general equilibrium models. Not only Keynes …

constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …