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Keynes after 75 Years: Rethinking Money as a Public Monopoly

  • L. Randall Wray

In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the orthodox approach that views money as an efficiency-enhancing innovation of markets, and the Chartalist approach that defines money as a creature of the state. As the state's "creature," money should be seen as a public monopoly. I then move on to the implications of viewing money as a public monopoly and link that view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date.

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Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_658.

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Date of creation: Mar 2011
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Handle: RePEc:lev:wrkpap:wp_658
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  1. L. Randall Wray, 1998. "Modern Money," Macroeconomics 9810002, EconWPA.
  2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
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