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This book characterizes, develops and evaluates the power of Keynesian analysis, as it is defined and utilized by Augusto Graziani, to explain the major economic mechanisms which affect the working of our modern monetary production economies. It offers a number of original and fresh insights into Keynesian economics.
In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.
This text provides a history of the post Keynesian approach to economics since 1936. The author locates the origins of these economics in the conflicting interpretations of Keynes' General Theory and in the complementary work of Michael Kalecki.
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' - Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US This book unites diverse heterodox tradit...
With its central focus on money and its link with the production sphere, this book explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the productive apparatus
2013 Reprint of 1924 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Georg Friedrich Knapp (1842-1926) was a German economist who in 1895 published "The State Theory of Money," which founded the chartalist school of monetary theory, which takes the statist stance that money must have no intrinsic value and strictly be used as governmentally-issued token, i.e., fiat money. Published originally in 1905, it created a stir among academics and policy makers, with proponents and critics both arguing forcefully about it. It was written at a time when monetary matters were in a great flux. Throughout the world, countries debated the optimal metallic standard for their monetary systems. Should it be silver, gold, both in a fixed relation (bimetallism), a combination of the two (symmetalism), or should the selection of the standard be left to the market? Knapp put the debate on new ground by suggesting that there need not be a metallic standard at all. Ideas about the desirability of paper money not backed by gold or other metals had been presented before but were never able to command academic respectability.