The New Arthurian Economics
AbstractThe popular understanding of monetary policy is reviewed. A flaw is uncovered: Changes in the components of "money" have been ignored. Policy has therefore allowed the development of a monetary imbalance. This imbalance may be described as the excessive reliance on credit. The flaw has reduced the effectiveness of monetary policy. It is responsible for our failure to bring inflation to a halt. It is responsible for massive debt accumulation. It is responsible for our economic problems today. A solution is proposed.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 12816.
Date of creation: 16 Jan 2009
Date of revision:
monetary imbalance; monetary policy; new economic theory; credit-money; credit in circulation; debt accumulation; cause of hard times;
Find related papers by JEL classification:
- E0 - Macroeconomics and Monetary Economics - - General
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-24 (All new papers)
- NEP-HPE-2009-01-24 (History & Philosophy of Economics)
- NEP-MAC-2009-01-24 (Macroeconomics)
- NEP-MON-2009-01-24 (Monetary Economics)
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