Rethinking The Theory Of Money Credit And Macroeconomics

Author : John Smithin
Publisher : Rowman & Littlefield
Page : 258 pages
File Size : 48,5 Mb
Release : 2018-09-15
Category : Business & Economics
ISBN : 9781498542821

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Rethinking the Theory of Money, Credit, and Macroeconomics by John Smithin Pdf

This book provides a comprehensive re-working of the basic principles of monetary macroeconomics in an alternative monetary model (AMM) of economic growth, the business cycle, inflation and income distribution. These principles differ considerably from those advanced in the standard macroeconomics literature and in textbooks. However, the latter have been demonstrably unsuccessful in the promotion of usable macroeconomic policy advice for the past several years, actually decades. A different approach is needed. In particular, the new approach takes seriously the vital role of credit creation and endogenous money in capitalism. It does not imagine that all of the difficult questions of economic policy-making may be resolved within a paradigm that conceptualizes economic activity as merely a question of barter exchange. The result is a blueprint for a set of growth-friendly macroeconomic policies which will promote full employment, financial stability and higher real wages – essentially for the benefit of the long-suffering middle and working classes rather for the chamber of commerce and financial interests.

Author : Avi Cohen,Harald Hagemann,John Smithin
Publisher : Springer Science & Business Media
Page : 299 pages
File Size : 51,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789401153621

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Money, Financial Institutions and Macroeconomics by Avi Cohen,Harald Hagemann,John Smithin Pdf

Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe. `Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'

Author : Ludwig Von Mises
Publisher : Ludwig von Mises Institute
Page : 507 pages
File Size : 46,8 Mb
Release : 1953
Category : Credit
ISBN : 9781610163224

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The Theory of Money and Credit by Ludwig Von Mises Pdf

Author : Marc Lavoie
Publisher : Edward Elgar Publishing
Page : 416 pages
File Size : 50,7 Mb
Release : 2020-09-25
Category : Business & Economics
ISBN : 9781839100093

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Post-Keynesian Monetary Theory by Marc Lavoie Pdf

Post-Keynesian Monetary Theory recaps the views of Marc Lavoie on monetary theory, seen from a post-Keynesian perspective over a 35-year period. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism.

Author : Josh Ryan-Collins,Toby Lloyd,Laurie Macfarlane
Publisher : Zed Books Ltd.
Page : 214 pages
File Size : 52,7 Mb
Release : 2017-02-28
Category : Business & Economics
ISBN : 9781786991218

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Rethinking the Economics of Land and Housing by Josh Ryan-Collins,Toby Lloyd,Laurie Macfarlane Pdf

Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.

Author : L. Randall Wray
Publisher : Edward Elgar Publishing
Page : 296 pages
File Size : 50,7 Mb
Release : 2004-01-01
Category : Business & Economics
ISBN : 1843769840

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Credit and State Theories of Money by L. Randall Wray Pdf

In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money. Only recently rediscovered, these articles are reprinted and analyzed here for the first time.

Author : Morgan Ricks
Publisher : University of Chicago Press
Page : 360 pages
File Size : 50,7 Mb
Release : 2016-03-09
Category : Business & Economics
ISBN : 9780226330464

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The Money Problem by Morgan Ricks Pdf

An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice

Author : Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
Page : 360 pages
File Size : 53,8 Mb
Release : 1999-11-25
Category : Business & Economics
ISBN : 1781959595

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Credit, Money, and Production by Louis-Philippe Rochon Pdf

Rochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to offer a historical overview of the post-Keynesian and circuit approaches to endogenous money, and provides an informed critique of the development of post-Keynesian economics. He argues that rather than emphasizing the early writings of Minsky, Kaldor, and Tobin in the 1950s and of Davidson and Rousseas later, post Keynesians ought to have followed the writings of Joan Robinson and Richard Kahn who offered better theories of credit-money.

Author : John Smithin
Publisher : Routledge
Page : 530 pages
File Size : 45,5 Mb
Release : 2002-01-31
Category : Business & Economics
ISBN : 9781134623662

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What is Money? by John Smithin Pdf

This volume provocatively rethinks the economics, politics and sociology of money and examines the classic question of what is money. Starting from the two dominant views of money, as neutral instrument and as social relation, What is Money? presents a thematic, interdisciplinary approach which points to a definitive statement on money. Bringing together a variety of neclassical and heterodox perspectives, this work collects the latest thinking of some of the best-known economics scholars on the question of money. The contributors are Victoria Chick, Kevin Dowd, Gilles Dostaler, Steve Fleetwood, Gunnar Heinsohn, Geoff Ingham, Peter Kennedy, Peter G. Klein, Bernard Maris, Scott Meikle, Alain Parguez, Colin Rodgers, T.K.Rymes, Mario Seccarreccia, George Selgin, Otto Steiger, John Smithin and L. Randall Wray.

Author : John Smithin
Publisher : World Scientific
Page : 228 pages
File Size : 54,9 Mb
Release : 2022-04-21
Category : Business & Economics
ISBN : 9789811245398

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Beyond Barter: Lectures In Monetary Economics After 'Rethinking' by John Smithin Pdf

The conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that the working of complex monetary economy could be analysed on the same principles as those of barter exchange, has demonstrably failed. This book provides a thorough rethinking of the nature of a monetary economy. It builds upon a complete theory of the domestic and international monetary macro-economy, and of macroeconomic policy for the modern age. Central to the analysis is the idea that a successful market economy requires an endogenous supply of money via the banking system. Therefore to achieve macroeconomic stability, the book proposes the targeting of real interest rates under a regime of flexible exchange rates or 'fixed but adjustable exchange rates' as the main goal of monetary policy, along with a range of innovative fiscal and trade policies to promote economic growth, and thereby achieve full employment and a fair distribution of income.

Author : Olivier Blanchard,David Romer,Michael Spence,Joseph E. Stiglitz
Publisher : MIT Press
Page : 251 pages
File Size : 51,9 Mb
Release : 2012-02-24
Category : Business & Economics
ISBN : 9780262301084

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In the Wake of the Crisis by Olivier Blanchard,David Romer,Michael Spence,Joseph E. Stiglitz Pdf

Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

Author : Ludwig Von Mises
Publisher : Unknown
Page : 166 pages
File Size : 50,5 Mb
Release : 2021-03-08
Category : Electronic
ISBN : 1774642298

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The Theory of Money and Credit by Ludwig Von Mises Pdf

This must-read classic on currency and credit covers the three areas of key interest -- the nature of money, the value of money, and money and banking. Economist and philosopher Ludwig von Mises presents his "Theory of Money and Credit" by first looking at the nature and value of money, why there is a demand for money, and how it is used as currency. He goes on to explain the purchasing power of money and how it determines economic and monetary policy, often in a way that results in financial melt-downs. Never in modern history has there been a greater need for this book and others like it. All of its ideas and principles are coming true right before our eyes in today's economy and its problems.

Author : Olivier Blanchard,Lawrence H. Summers
Publisher : MIT Press
Page : 388 pages
File Size : 48,7 Mb
Release : 2019-04-16
Category : Business & Economics
ISBN : 9780262039369

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Evolution or Revolution? by Olivier Blanchard,Lawrence H. Summers Pdf

Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics. The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation. Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers

Author : Philip Arestis,Malcolm C. Sawyer
Publisher : Edward Elgar Publishing
Page : 535 pages
File Size : 52,7 Mb
Release : 2006
Category : Business & Economics
ISBN : 9781847202802

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A Handbook of Alternative Monetary Economics by Philip Arestis,Malcolm C. Sawyer Pdf

Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 33 pages
File Size : 48,5 Mb
Release : 1998-03-01
Category : Business & Economics
ISBN : 9781451844238

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Coordination of Monetary and Fiscal Policies by International Monetary Fund Pdf

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.