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The Monetary Economy

In: The Keynesian Revolution and its Critics

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  • Gordon A. Fletcher

    (The University of Liverpool)

Abstract

In the previous chapter we introduced an economy in which: commodities are produced for exchange; production and trading plans have to be made on the basis of incomplete information; a system of monetary exchange is employed as a means of overcoming the problems of trade under uncertainty. Further, the use of money makes possible the development of a decentralised advanced economy in which commodity prices are largely market-determined, for economic development and expansion without the operation of the price mechanism would imply the rigid regimentation and loss of individual freedom that is associated with a centrally directed, fully planned economy. That is, while a ‘monetary information system’ is vital to the working of a free economy, it would in principle be possible to dispense with money in a completely planned economy.1

Suggested Citation

  • Gordon A. Fletcher, 1987. "The Monetary Economy," Palgrave Macmillan Books, in: The Keynesian Revolution and its Critics, chapter 2, pages 11-16, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08736-5_2
    DOI: 10.1007/978-1-349-08736-5_2
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    Cited by:

    1. Jazbinsek, Dietmar & Thies, Ralf, 1998. "BERLIN / CHICAGO 1914: Die Berliner Großstadt-Dokumente und ihre Rezeption durch die Gründergeneration der Chicago School of Sociology," Discussion Papers, Research Group Metropolitan City Studies FS II 98-501, WZB Berlin Social Science Center.
    2. Seyyed Ali Zeytoon Nejad Moosavian, 2022. "Classicals versus Keynesians: Fifty Distinctions between Two Major Schools of Economic Thought," Papers 2209.02683, arXiv.org.
    3. Thomas Lagoarde-Segot, 2020. "Financing the Sustainable Development Goals," Sustainability, MDPI, vol. 12(7), pages 1-22, April.
    4. Gordon Fletcher, 2006. "In Search of Dennis Robertson: Through the Looking Glass and What I Found There," Working Papers 200621, University of Liverpool, Department of Economics.

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