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A comment on Endogenous money and effective demand: a revolution or a step backward?

Listed author(s):
  • Marc Lavoie

    (CEPN - Centre d'Economie de l'Université Paris Nord - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, University of Ottawa [Ottawa])

Steve Keen argues that post-Keynesians have not sufficiently emphasized the revolutionary character of endogenous money for macroeconomic theory, and that this should be done by recognizing that aggregate demand is equal to current or past income plus the change in debt. This equation, attributed in particular to Hyman Minsky, is discussed and questioned, and it is recalled that a similar equation had been proposed by Alfred Eichner. The consequences of bank credit for firms or households are further analysed within the context of the national accounts, and it is shown that one does not need a redefinition of aggregate demand and aggregate supply, in contrast to what is proposed by Keen.

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Paper provided by HAL in its series Post-Print with number hal-01343743.

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Date of creation: 2014
Publication status: Published in Review of Keynesian Economics, 2014, 2 (3), pp.321-332
Handle: RePEc:hal:journl:hal-01343743
Note: View the original document on HAL open archive server: https://hal-univ-paris13.archives-ouvertes.fr/hal-01343743
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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