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Is Keynesianism Institutionalist?: An Irreverent Overview of the History of Money from the Beginning of the Beginning to the Present


  • L. Randall Wray


This paper poses that the one commonality between institutionalist thought and Keynesianism (as presented in his General Theory) was money. Tracing the origins and uses of money, the myth of the development of money as a medium of exchange is dispelled and replaced with money used as evidence of debt, specifically, government debt. This paper was presented as the Presidential Address to the 1998 Association for Institutionalist Thought conference. As such, the paper should be taken in the same spirit as the [in]famous neoclassical Robinson Crusoe story, or Paul Samuelson's story of the evolution of money. The only significant change that has been made is to add several endnotes that will make some of the references more clear; this might make the piece more accessible for students.

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  • L. Randall Wray, 1998. "Is Keynesianism Institutionalist?: An Irreverent Overview of the History of Money from the Beginning of the Beginning to the Present," Economics Working Paper Archive wp_257, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_257

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    References listed on IDEAS

    1. Wray, L Randall, 1992. "Alternative Theories of the Rate of Interest," Cambridge Journal of Economics, Oxford University Press, vol. 16(1), pages 69-89, March.
    2. repec:mes:jeciss:v:31:y:1997:i:3:p:826-834 is not listed on IDEAS
    3. Frank Hahn, 1985. "Money and Inflation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262580624, July.
    4. Hyman P. Minsky, 1996. "Uncertainty and the Institutional Structure of Capitalist Economies," Economics Working Paper Archive wp_155, Levy Economics Institute.
    5. L. Randall Wray, 1997. "Money and Taxes: The Chartalist Approach," Economics Working Paper Archive wp_222, Levy Economics Institute.
    6. L. Randall Wray, 1997. "Kenneth Boulding's Reconstruction of Macroeconomics," Review of Social Economy, Taylor & Francis Journals, vol. 55(4), pages 445-463.
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    Cited by:

    1. Strachman, Eduardo & Vasconcelos, Marcos Roberto, 2001. "An institutional analysis of some monetary issues in developing economies," MPRA Paper 15128, University Library of Munich, Germany, revised May 2009.

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