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The Monetary Theory of Kalecki and Minsky

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  • Jan Toporowski

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    (Department of Economics, SOAS, University of London, UK)

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    Abstract

    The 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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    File URL: http://www.soas.ac.uk/economics/research/workingpapers/file74890.pdf
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    Bibliographic Info

    Paper provided by Department of Economics, SOAS, University of London, UK in its series Working Papers with number 172.

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    Length: 10 pages
    Date of creation: Mar 2012
    Date of revision:
    Handle: RePEc:soa:wpaper:172

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    Web page: http://www.soas.ac.uk/economics/
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    Keywords: Keynes; Kalecki; Minsky; Money;

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    Cited by:
    1. Bruno Bonizzi, 2013. "Capital Flows to Emerging Markets: An alternative Theoretical Framework," Working Papers, Department of Economics, SOAS, University of London, UK 186, Department of Economics, SOAS, University of London, UK.

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