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Money and Employment

A Study of the Theoretical Implications of Endogenous Money

Peter Docherty

Edward Elgar 2005. 392 s. ISBN 1840648627
Bogomtale fra forlaget.

Money and Employment examines the analytical role of money within classical, neoclassical and Keynesian theories of output and employment.
The book argues that an endogenously determined money supply is inconsistent with the essential structure of neoclassical economic theory but a necessary condition for a long run interpretation of Keynes’s theory of unemployment. It carefully examines Nicholas Kaldor’s theory of endogenous money, linking it with Kaldor’s treatment of interest and employment. The structure of Kaldor’s theory is then shown to overcome important problems with Keynes’s 1936 theory of unemployment. A macro model incorporating insights from Kaldor’s approach to monetary analysis as well as contributions from the work of Basil Moore is also developed, which may be used as a foundation for further research of long run monetary explanations of unemployment.
-------------------------------------------------------------------------------- Contents: 1. Introduction: Money and Employment 2. Money in Classical Economics 3. The Quantity Theory and Wicksell’s Pure Credit Economy 4. Monetary Conditions and Employment in The General Theory 5. Endogeneity in Kaldor’s Anti-Monetarist Writings 6. The Structure of Interest Rates: Kaldor’s Early Monetary Writings 7. Moore’s Contribution: Wholesale Markets and the Banking System 8. Criticism of the Kaldor–Moore Approach: Short Term Finance and Increasing Risk 9. The Banking Sector in an Endogenous Money Macro Model 10. An Endogenous Money Macroeconomic Model 11. Summary and Conclusions References Index