The characteristics of a monetary economy: a Keynes-Schumpeter approach
The objective of this paper is to elaborate a monetary theory capable of supporting the thesis of money non-neutrality on the grounds of the arguments developed by Keynes and Schumpeter. This theory will be formulated starting from the two points which are common in the views of both Keynes and Schumpeter. First, in contrast with the mainstream theory, Keynes and Schumpeter state that the diffusion of a fiat money induces a radical modification into the way in which the economic system works. Both Keynes and Schumpeter maintain that it is not possible to describe the way in which an economy works in the presence of a fiat money by adopting the same theoretical framework used to describe a barter economy. Secondly, when Keynes and Schumpeter describe the reasons why money and financial aggregates are not neutral, they highlight the fundamental role of the credit market and of the banks. In contrast with the mainstream theory, they do not consider the credit market as the mirror image of the goods market
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