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Beyond Barter:Lectures in Monetary Economics After 'Rethinking'

Author

Listed:
  • John Smithin

    (York University, Canada)

Abstract

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.

Suggested Citation

  • John Smithin, 2022. "Beyond Barter:Lectures in Monetary Economics After 'Rethinking'," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 12488.
  • Handle: RePEc:wsi:wsbook:12488
    as

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    File URL: https://www.worldscientific.com/worldscibooks/10.1142/12488
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    More about this item

    Keywords

    Monetary Macroeconomics; Monetary Theory; Real Interest Rates Rules; Economic Growth; Fair Distribution of Income; Philosophy of Money and Finance; Modern Monetary Theory; Myth of Barter; Monetary Economy; Myth of the Natural Rate of Interest; Interest Rates; Endogenous Money; Revolution In Economic Theory; Macroeconomic Policy; Monetary Analysis; Taxes; Government Spending; Exchange Rates; Monetary Mercantilism; Revenge of the Rentiers; John Smithin; Keynes; Capitalism in One Country; Method of Enterprise; Means of Payment; Money of Account; Political Economy; Globalization; Economic Sociology; International Relations; Trade; Economic Nationalism; Prosperity; Economic Crisis; Financial Crises; History of Economic Thought; Minsky; Marx; Hayek; Schumpeter; Capitalism; Adam Smith; Real Exchange Economy; Capital; Finance; Real Wages; Entrepreneurial Business; Entrepreneurs; Rentier Share; Wage Share; Financial Innovation; Electronic Money; Employment; Unemployment; Labour; Usury; Exploitation; Economic Stability; Economic Instability;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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