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Left - and Right- Endogenous Money. A Table of Two Books

Author

Listed:
  • Fladers, M.J.

Abstract

Two books coming from opposite ends of the ideological spectrum stress the endogeneity of money, in terms of both the supply of money and its origins as an institution. Comparisons with the evolution and use of language are drawn. Wray, a neo-institutionalist, stresses the fragility of the financial system, resulting from the fact that 'loans cause reserves' and not, as tradition would have it, the converse, and urges basic changes in the forms of central bank surveillance. Horwitz, in the neo-Austrian free banking tradition, emphasizes the resiliency of the market economy and financial system which render central banking otiose if not downright injurious.

Suggested Citation

  • Fladers, M.J., 1997. "Left - and Right- Endogenous Money. A Table of Two Books," Papers 15-97, Tel Aviv.
  • Handle: RePEc:fth:teavfo:15-97
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    Keywords

    MONEY ; BANKING ; CENTRAL BANKS;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School

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