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A pure credit money economy: a simple steady-state model

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  • MAN-SEOP PARK

Abstract

The paper presents a model of a simplified pure credit money economy, in the setting of the steady-state growth. Despite obvious limitations coming from drastic simplifications, the resulting simplicity brings into sharp relief some important points related to the endogeneity of money. Arguments are presented in the framework of the Cambridge-type model; in particular, by way of the discussion of the existence of one or more social classes, we support the proposition that money is essential for the continued existence of the economy.

Suggested Citation

  • Man-Seop Park, 2004. "A pure credit money economy: a simple steady-state model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(1), pages 141-162.
    • Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:141-162
    DOI: 10.1080/01603477.2004.11051430
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