The Monetary Theory of Kalecki and Minsky
AbstractThe monetary theory of Kalecki and Minsky is usually placed within the Post-Keynesian tradition, deriving from the monetary analysis of John Maynard Keynes. The paper argues that Kalecki and Minsky shared a common inheritance in Swedish and German monetary theory, rather than the Marshallian tradition. Thus the monetary analysis of Kalecki and Minsky emphasises the endogeneity of money through capitalist reproduction, rather than through the mechanisms connecting central bank money to credit creation in the banking system. This provides the link between the monetary theory of Kalecki and Minsky and modern circuit theory.
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Bibliographic InfoPaper provided by Department of Economics, SOAS, University of London, UK in its series Working Papers with number 172.
Length: 10 pages
Date of creation: Mar 2012
Date of revision:
Keynes; Kalecki; Minsky; Money;
Find related papers by JEL classification:
- B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- 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-2013-06-16 (All new papers)
- NEP-HIS-2013-06-16 (Business, Economic & Financial History)
- NEP-HPE-2013-06-16 (History & Philosophy of Economics)
- NEP-MON-2013-06-16 (Monetary Economics)
- NEP-PKE-2013-06-16 (Post Keynesian Economics)
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