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The Keynesian Features of Graziani's Monetary Theory of Production and Some Unresolved Issues

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  • Guglielmo Forges DavanzatI
  • Andrea Pacella
  • Rosario Patalano

Abstract

The aim of this article is twofold. First, it seeks to verify the elements of affinity between Graziani's approach to the Monetary Theory of Production and Keynes' Treatise on Money and his General Theory. It is shown that two important theoretical elements, from the Treatise on Money, enter Graziani's basic schema, namely the view of endogenous money supply and the distribution process. At the same time, uncertainty and aggregate demand--conceived as a crucial variable in the General Theory--can play a significant role in the basic schema of the Monetary Theory of Production. Second, the article sets out a critical reconstruction of Graziani's basic schema emphasising the existence of 'open issues'- such as bank behaviour and the 'paradox of profits'--relating to internal and external inconsistencies.

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  • Guglielmo Forges DavanzatI & Andrea Pacella & Rosario Patalano, 2015. "The Keynesian Features of Graziani's Monetary Theory of Production and Some Unresolved Issues," Review of Political Economy, Taylor & Francis Journals, vol. 27(4), pages 565-584, October.
    • Handle: RePEc:taf:revpoe:v:27:y:2015:i:4:p:565-584
    DOI: 10.1080/09538259.2015.1082710
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    References listed on IDEAS

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    1. Fernando J. Cardim de Carvalho, 2013. "Keynes and the endogeneity of money," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 431—446-4, October.
    2. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
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    Cited by:

    1. Nadia Oliva & Andrea Pacella, 2016. "The Ethics Inside the Monetary Circuit: How Bank’s Social Responsibility Affects Money Creation," International Journal of Business and Management, Canadian Center of Science and Education, vol. 11(7), pages 1-1, June.

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