One of the main collective contributions of the various heterodox schools of monetary thought, such as circuit theory, Post Keynesian theory, in both its horizontalist and structuralist versions, modern money theory (now known simply by its acronym MMT), and others, has been to stress the importance of the endogeneity of money via bank credit creation. This issue was hardly discussed at all in the economics mainstream after Keynes’s death, not until the very end of twentieth century and the beginning of the twenty-first.Read rest here.
Saturday, May 2, 2015
Smithin on Endogenous Money, Fiscal Policy, Interest and Exchange Rates
The 4th Godley-Tobin Lecture given by Marc Lavoie, a co-author of Wynne Godley, and one of the leading Post Keynesian authors.
Fields, David (Forthcoming), “Classical Dichotomy,” Edward Elgar Encyclopedia on Central Banking , edited by L.P. Rochon et...
Jessica Finnamore (Guest blogger) Heterodox economics refers to any school of thought which is not accepted by the economic mainstream, or...
Teaching on the capital debates this and last week. So here are some thoughts, based on my class notes and the required readings (see below)...