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Liquidity Preference, Capital Accumulation and Investment Financing: Fernando Cardim de Carvalho’s Contributions to the Post-Keynesian Paradigm

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  • José Luis Oreiro
  • Luiz Fernando de Paula
  • João Pedro Heringer Machado

Abstract

This paper assesses the main theoretical contributions by Fernando Cardim de Carvalho to the post-Keynesian Economics Paradigm: his elucidation of the fundamental principles that define the concept of a monetary production economy; his analysis of decision-making under non-probabilistic uncertainty; his development of a portfolio choice theory in which the decision to invest is regarded as one of possible wealth accumulation strategies; his liquidity preference theory, including its application to banks’ portfolio allocations under uncertainty; and finally his analysis of the finance-funding circuit and its implications for the functioning of monetary economies.

Suggested Citation

  • José Luis Oreiro & Luiz Fernando de Paula & João Pedro Heringer Machado, 2020. "Liquidity Preference, Capital Accumulation and Investment Financing: Fernando Cardim de Carvalho’s Contributions to the Post-Keynesian Paradigm," Review of Political Economy, Taylor & Francis Journals, vol. 32(1), pages 121-139, July.
    • Handle: RePEc:taf:revpoe:v:32:y:2020:i:1:p:121-139
    DOI: 10.1080/09538259.2020.1766795
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    Cited by:

    1. Missaglia, Marco & Botta, Alberto, 2022. "Households’ liquidity preference, banks’ capitalization and the macroeconomy: a theoretical investigation," Greenwich Papers in Political Economy 36807, University of Greenwich, Greenwich Political Economy Research Centre.

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