By Stephen Rousseas (auth.)
ISBN-10: 0333721241
ISBN-13: 9780333721247
ISBN-10: 1349264563
ISBN-13: 9781349264568
A put up Keynesian critique of monetarism and of up to date Keynesian conception, calling for a go back to the unique principles of John Maynard Keynes. Its basic emphasis is at the endogeneity of the money offer and at the monetary suggestions that experience served to restrict the effectiveness of economic coverage. It demands the addition of a selective keep watch over over the circulate of credits within the financial system as an addition to the traditional Keynesian contracyclical instruments for protecting the economic climate at complete employment, besides a attractiveness that inflation is a functionality of cash wages and never the combination offer or money.
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Example text
2 Neoclassical theory, in other words, deals with capitalist uncertainty by defining it out of existence. The Peculiarity of Money 19 KEYNES ON UNCERTAINTY Although Keynes, in his Treatise on Money (1930), based much of his analysis on 'bulls' and 'bears,' there is little on 'expectations' or uncertainty,' as such. Indeed, in the index of his two-volume work there is no entry for either concept and the 'Bulls-Bears' and 'Two Views' entries deal largely with speculation on the stock exchanges. The Treatise was a half-way house between Keynes's Tract on Monetary Reform (1923) and his General Theory of Employment, Interest, and Money (1936).
It is, to put it otherwise, the temporary abode of 26 Post Keynesian Monetary Economics purchasing power in a world of uncertainty. In the words of Keynes, 'A monetary economy ... ' 11 A further peculiarity of money is that it has the capacity to breed, to make little monies endlessly over time at an exponential rate. It is the progenitor of interest. Although interest rates obviously have a long record dating back through all of recorded history, the concept of a rate of return on money has, despite its ubiquitous nature, been a highly controversial one.
They represent the 'proceeds of sales to consumers' and are used to pay for the factors of production employed in the industrial sector. Moreover, income deposits flow constantly into this type of business deposit in payment for the purchase of goods 'and out again through payment of wages' into the income deposits of consumers. The rate of turnover of income deposits, however, is considerably smaller than for production business deposits, or what Keynes called businessdeposits A. The ratio between the two velocities, or their turnover rates, is exceedingly variable - the reason being that while income deposits experience a 'regularity in the dates of payment', business-deposits A have no such regularity; that is, in a world of uncertainty expected sales can veer widely from actual sales.
Post Keynesian Monetary Economics by Stephen Rousseas (auth.)
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