The paper sets up an analytical framework that is based on simplified balance sheets of the banking, the non-banking private and the government sectors, in order to identify four primary routes through which money can be generated endogenously and to discuss their characteristics. These routes...

Kaldor's one-sector framework of the "institutional" theory of income distribution is extended to a two-sector setting. This extension requires an explicit consideration of the long-period relationships between the two sectors, and thereby brings to more light two different views on the nature...