Post Keynesian Monetary Economics

By: Stephen Rousseas

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Paperback | 1 July 1998 | Edition Number 3

At a Glance

Paperback
188 Pages

Edition Type
Revised

Dimensions(cm)
21.6 x 14.0 x 1.02

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Critiquing the rise of monetarism since the 1960s and the bowdlerization of Keynesian economics into a neoclassical general equilibrium model of the economy, Post Keynesian economics seeks to restore the original insights of John Maynard Keynes' General Theory. In a complete repudiation of the teachings of monetarism, the major emphasis is on the endogeneity of the money supply with the causal arrow running from the price level to the demand for money. The role of financial innovations is examined as the primary cause of the ineffectiveness of contemporary monetary policy through parmatric shifts of the income velocity of money curve. The main conclusion is that traditional monetary and fiscal policy cannot alone serve to stabilize the economy at full employment. Both have to be supplemented with an effective incomes policy plus and a selective control over the flow of credit in the economy. The 'general liquidity' thesis of the Radcliffe Committee Report is revived as the cornerstone of Post Keynesian monetary economics.

Industry Reviews

'An excellent and beautifully written book. It is only now that I see the full architecture and signficance of Post Keynesian theory, which this book makes beautifully clear.' - Robert Heilbroner

'An original and provocative book which could be profitably read by the generalist as well as by economists especially interested in monetary economics. Social economists should be particularly interested in the broader policy proposals advanced by Rousseas...' - Christopher J. Niggle, Review of Social Economy

'A most useful, lucid and well-written book, one much needed to redress the undue emphasis on real factors in Post Keynesian analysis in general.' - G.C. Harcourt, Economic Journal

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