his dissertation adviser, Joseph Schumpeter [1934]); the endogenous money approach of Basil Moore; the French …This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the …

In this paper, we provide an institutional interpretation of Schumpeter's analysis of money, banking and finance. This … illustrates this general statement by focusing on Schumpeter's analysis of money, banking and finance, and their respective roles … interpretation is founded on an overall investigation into Schumpeter's writings addressing those issues from different perspectives …

of credit as a ratio of the gross domestic product (GDP), an application of Schumpeter’s theory of credit and development … three aims. First, Schumpeter sharply distinguished between the volume of credit financing development and the (typically … investment and speculation has been institutionalized are discussed. The message of this paper is that, as Schumpeter wrote …

first give rise to the accumulation of the stock of money and the stock of commodities. These stocks constitute the demand …