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Money and Keynesian Uncertainty

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  • Lucarelli, B.

Abstract

Keynes’s theory of a monetary economy and his liquidity preference theory of investment will be examined in order to highlight the essential properties of money under the conditions of uncertainty, which inevitably prefigures the existence of involuntary unemployment and could – within a laissez faire, deregulated financial system – induce phases of endemic financial instability and crises.

Suggested Citation

  • Lucarelli, B., 2010. "Money and Keynesian Uncertainty," MPRA Paper 28862, University Library of Munich, Germany, revised 10 Feb 2011.
    • Handle: RePEc:pra:mprapa:28862
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    References listed on IDEAS

    as
    1. Mathew Forstater & L. Randall Wray (ed.), 2008. "Keynes for the Twenty-First Century," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-61113-9.
    2. Giuseppe Fontana, 2000. "Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(1), pages 27-48, September.
    3. L. Randall Wray, 1992. "Commercial Banks, the Central Bank, and Endogenous Money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 14(3), pages 297-310, March.
    4. Knapp, Georg Friedrich, 1924. "The State Theory of Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number knapp1924.
    5. Louis-Philippe Rochon & Sergio Rossi (ed.), 2003. "Modern Theories of Money," Books, Edward Elgar Publishing, number 2506.
    6. Giancarlo Bertocco, 2007. "The characteristics of a monetary economy: a Keynes--Schumpeter approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(1), pages 101-122, January.
    7. Dudley Dillard, 1984. "Keynes and Marx: A Centennial Appraisal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 421-433, March.
    8. Dudley Dillard, 1984. "Keynes and Marx: A Centennial Appraisal," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 421-432, April.
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    10. A. Asimakopulos, 1986. "Finance, Liquidity, Saving, and Investment," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 9(1), pages 79-90, September.
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    More about this item

    Keywords

    uncertainty; money; liquidity preference; crisis; investment;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • A10 - General Economics and Teaching - - General Economics - - - General

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