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Liquidity preference, capital accumulation and investment financing: Fernando Carvalho’s contributions to the Post-Keynesian paradigm

Author

Listed:
  • José Luis Oreiro

    (None)

  • Luiz Fernando de Paula
  • João Pedro Heringer Machado

Abstract

This paper assesses the main theoretical contributions by Fernando Cardim de Carvalho to the Post-Keynesian Economics Paradigm: his elucidation of the fundamental principles that define the concept of a monetary production economy; his analysis of decision-making under non-probabilistic uncertainty; his development of a portfolio choice theory in which the decision to invest is regarded as one of possible wealth accumulation strategies; his liquidity preference theory, including its application to banks’ portfolio allocations under uncertainty; and finally his analysis of the finance-funding circuit and its implications for the functioning of monetary economies.

Suggested Citation

  • José Luis Oreiro & Luiz Fernando de Paula & João Pedro Heringer Machado, 2020. "Liquidity preference, capital accumulation and investment financing: Fernando Carvalho’s contributions to the Post-Keynesian paradigm," Working Papers PKWP2007, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2007
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    File URL: https://www.postkeynesian.net/downloads/working-papers/PKWP2007.pdf
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    References listed on IDEAS

    as
    1. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View, W.A. Mackintosh Lecture 1979," Working Paper 335, Economics Department, Queen's University.
    2. Fernando Carvalho, 1984. "On the Concept of Time in Shacklean and Sraffian Economics," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(2), pages 265-280, January.
    3. Fernando J. Cardim de Carvalho, 1992. "Mr Keynes And The Post Keynesians," Books, Edward Elgar Publishing, number 79.
    4. Fernando Carvalho, 1983. "On the Concept of Time in Shacklean and Sraffian Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(2), pages 265-280, December.
    5. Fernando Carvalho, 1984. "Alternative Analyses of Short and Long Run in Post Keynesian Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(2), pages 214-234, December.
    6. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-354, August.
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    Cited by:

    1. Missaglia, Marco & Botta, Alberto, 2022. "Households’ liquidity preference, banks’ capitalization and the macroeconomy: a theoretical investigation," Greenwich Papers in Political Economy 36807, University of Greenwich, Greenwich Political Economy Research Centre.

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    More about this item

    Keywords

    Post-Keynesian theory; Keynes; monetary economics;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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