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Joan Robinson and Keynes: finance, relative prices and the monetary circuit


  • Claude Gnos
  • Louis-Philippe Rochon


Joan Robinson's views on credit and money are discussed only rarely. Of late, however, some Post-Keynesians have sought to revive these views, claiming that Robinson was one of the original contributors to the theory of endogenous money, post Keynes. This paper has two objectives. First, it seeks to develop Robinson's views on credit, money and finance and to show that not only did she have a clear understanding of the theory of endogenous money, but that she also held views akin to the theory of the monetary circuit. Second, the paper addresses Robinson's dismissal of the problem of relative prices and the conventional theory of value. Once again, it shows that Robinson's position is connected closely with the model of the monetary circuit as a basis of her theory of accumulation.

Suggested Citation

  • Claude Gnos & Louis-Philippe Rochon, 2003. "Joan Robinson and Keynes: finance, relative prices and the monetary circuit," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 483-491.
  • Handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:483-491
    DOI: 10.1080/0953825032000121432

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    References listed on IDEAS

    1. Claude Gnos, 2004. "Is ex-ante ex-post analysis irrelevant to Keynes's theory of employment?," Review of Political Economy, Taylor & Francis Journals, vol. 16(3), pages 335-345.
    2. Lavoie, Marc, 1999. "The Credit-Led Supply of Deposits and the Demand for Money: Kaldor's Reflux Mechanism as Previously Endorsed by Joan Robinson," Cambridge Journal of Economics, Oxford University Press, vol. 23(1), pages 103-113, January.
    3. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565, July.
    4. Louis-Philippe Rochon, 2001. "Cambridge's Contribution to Endogenous Money: Robinson and Kahn on credit and money," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 287-307.
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    Cited by:

    1. Claude Gnos, 2013. "A historical perspective on the theory of the monetary circuit: from Schumpeter to Parguez," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.),Monetary Economies of Production, chapter 3, pages 23-32, Edward Elgar Publishing.
    2. Louis-Philippe Rochon & Sergio Rossi, 2013. "Endogenous money: the evolutionary versus revolutionary views," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 210-229, January.

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