credit-money in financing innovation or variously being used for general accumulation or speculation. Institutional themes …Several schools of thought contribute to this heterodox view of money, including neo-Marxian, Schumpeterian …, institutional and post-Keynesian political economy. Neo-Marxian contributions centre on the circuit of money capital, fictitious …

interest rate. Credit may be used when the return on money is not positive. A positive money injection reduces the crime rate … monetary policy.Chapter 1 studies the choice of endogenous means of payment when holding money is risky. In steady state … equilibrium, the marginal rate of substitution of cash goods for credit goods depends on the crime rate as well as the nominal …

theories of endogenous money and credit-creation. It will be argued that Marx's original commodity theory of money is quite … evolved historically. The more modern forms of inconvertible paper money, credit, and bank money have evolved as specific …The essential aim is to reconstruct the original Marx's original theory of money in order to assimilate more recent …

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