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Nicholas Kaldor on endogenous money and increasing returns

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  • Guglielmo Forges Davanzati

    () (University of Salento (IT))

Abstract

Nicholas Kaldor’s contribution to economic theory covers a wide range of topics, elaborated in different historical contexts, such as theories of economic growth and the balance of payments, studies on interregional divergences and monetary theory. In most cases, historians of economic thought have devoted their attention to single aspects of his contributions. This paper aims at integrating Kaldor’s monetary theory and his view of the relevance of increasing returns. His theory of endogenous money is very similar to the view proposed in the contemporary monetary theory of production, and, in this respect, Kaldor’s contribution can certainly be considered an “antecedent” of this line of thought.

Suggested Citation

  • Guglielmo Forges Davanzati, 2015. "Nicholas Kaldor on endogenous money and increasing returns," Working Papers PKWP1505, Post Keynesian Economics Society (PKES).
  • Handle: RePEc:pke:wpaper:pkwp1505
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    References listed on IDEAS

    as
    1. Alain Parguez, 2008. "Money Creation, Employment and Economic Stability: The Monetary Theory of Unemployment and Inflation," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 39-67, March.
    2. Marc Lavoie & Gabriel Rodriguez & Mario Seccareccia, 2004. "Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 127-149.
    3. Targetti, Ferdinando, 1992. "Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System," OUP Catalogue, Oxford University Press, number 9780198283485.
    4. Ray Petridis, 1996. "Brassey's Law and the Economy of High Wages in Nineteenth-Century Economics," History of Political Economy, Duke University Press, vol. 28(4), pages 583-606, Winter.
    5. Ramskogler, Paul, 2007. "Uncertainty, market power and credit rationing," Department of Economics Working Paper Series 312, WU Vienna University of Economics and Business.
    6. Thomas I. Palley, 2013. "Horizontalists, verticalists, and structuralists: the theory of endogenous money reassessed," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 406—424-4, OCT.
    7. Forges Davanzati, Guglielmo & Pacella, Andrea, 2008. "Minimum Wage, Credit Rationing and Unemployment in a Monetary Economy," European Journal of Economic and Social Systems, Lavoisier, vol. 21(2), pages 179-194.
    8. Guglielmo Forges Davanzati & Andrea Pacella, 2014. "Thorstein Veblen on credit and economic crises," Cambridge Journal of Economics, Oxford University Press, vol. 38(5), pages 1043-1061.
    9. Seccareccia, M, 1996. "Pricing, Investment and the Financing of Production Within the Framework of the Monetary Circuit: Some Preliminary Evidence," Working Papers 9609e, University of Ottawa, Department of Economics.
    10. Augusto Graziani, 1997. "The Marxist Theory of Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 26-50, June.
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    12. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    13. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
    14. Marcos Tostes Lamonica & Carmem Aparecida Feijo, 2013. "A Kaldorian approach to catch up and structural change in economies with high degree of heterogeneity," PSL Quarterly Review, Economia civile, vol. 66(265), pages 107-135.
    15. Colacchio, Giorgio, 2005. "Reconstructing Allyn A. Young's Theory of Increasing Returns," Journal of the History of Economic Thought, Cambridge University Press, vol. 27(03), pages 321-344, September.
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    More about this item

    Keywords

    Endogenous money; aggregate demand; labour productivity;

    JEL classification:

    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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