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Is Keynesianism Institutionalist? An Irreverent Overview of the History of Money from the Beginning of the Beginning to the Present

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Author Info
L. Randall Wray (The Jerome Levy Economics Institute)

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Abstract

This paper poses that the one commonality between institutionalist thought and Keynesianism (as presented in his General Theory) was money. Tracing the origins and uses of money, the myth of the development of money as a medium of exchange is dispelled and replaced with money used as evidence of debt; specifically, government debt. This paper was presented as the Presidential Address to the 1998 Association for Institutionalist Thought conference. As such, the paper should be taken in the same spirit as the [in]famous neoclassical Robinson Crusoe story, or Paul Samuelson's story of the evolution of money. The only significant change that has been made is to add several endnotes that will make some of the references more clear; this might make the piece more accessible for students.

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File URL: http://129.3.20.41/eps/mac/papers/9812/9812006.pdf
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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 9812006.

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Length: 23 pages
Date of creation: 08 Dec 1998
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Handle: RePEc:wpa:wuwpma:9812006

Note: Type of Document - Acrobat PDF; prepared on IBM PC ; to print on PostScript; pages: 23; figures: included
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Web page: http://129.3.20.41

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E - Macroeconomics and Monetary Economics

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References listed on IDEAS
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  1. Wray, L Randall, 1992. "Alternative Theories of the Rate of Interest," Cambridge Journal of Economics, Oxford University Press, vol. 16(1), pages 69-89, March.
  2. L. Randall Wray, 1998. "Money and Taxes: the Chartalist Approach," Macroeconomics 9802020, EconWPA. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Strachman, Eduardo & Vasconcelos, Marcos Roberto, 2001. "An institutional analysis of some monetary issues in developing economies," MPRA Paper 15128, University Library of Munich, Germany, revised May 2009. [Downloadable!]
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