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 …

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 … credit-money in financing innovation or variously being used for general accumulation or speculation. Institutional themes …

money growth rate can be positive and the Friedman rule is not optimal in general.Chapter 3 is built on the work of Chapter … monetary policy.Chapter 1 studies the choice of endogenous means of payment when holding money is risky. In steady state … interest rate. Credit may be used when the return on money is not positive. A positive money injection reduces the crime rate …