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Endogenous Money: A Note on Some Post-Keynesian Controversies

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  • Bill Lucarelli

Abstract

Keynes's theory of liquidity preference sought to illuminate the essential properties of money under the conditions of uncertainty that often lead to involuntary unemployment. Subsequent Post-Keynesian literature built upon this concept to show that a deregulated financial system could induce phases of endemic financial instability and crises. Keynes's finance motive provides an important starting point in Post-Keynesian theories of endogenous money. This article examines the controversies between two major contending analytical approaches, the Horizontalist and Structuralist schools.

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  • Bill Lucarelli, 2013. "Endogenous Money: A Note on Some Post-Keynesian Controversies," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 348-359, April.
    • Handle: RePEc:taf:revpoe:v:25:y:2013:i:2:p:348-359
    DOI: 10.1080/09538259.2013.775830
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    References listed on IDEAS

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    1. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    2. John Smithin, 2003. "Controversies in Monetary Economics," Books, Edward Elgar Publishing, number 2541.
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    Cited by:

    1. Nina Dodig & Hansjorg Herr, 2015. "Theories of finance and financial crisis – Lessons for the Great Recession," Working papers wpaper126, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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