Post-Keynesian economics: towards coherence

Article Abstract:

The methodological and theoretical development of post-Keynesian economics show that it has reached the stage of constituting an internally coherent approach. The critique stage of mainstream economics has been successfully passed. Many specific areas still remain to be covered, but the progress of post-Keynesian theory is quite significant. Additional research on several aspects of economics, such as consumer choice and human behavior, are required for the development of the post-Keynesian methodology. Institutionalism can be considered as an additional tradition of post-Keynesian economics.

Methods, Economics, Economic research, Keynesian economics, Economic methods

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The supply of credit money and the demand for deposits: a reply

Article Abstract:

It is clear that the reflux mechanism should be taken seriously as a mechanism for reconciling the demand for deposits with the credit-led supply. The reflux mechanism works, but there is still the empirical question as to how much of any new borrowing is moderated straight away by being received by depositors with overdrafts, and how much will be involved in further circuits. It is important to avoid the naive use of the reflux mechanism to suggest that ex ante discrepancies in loan and deposit demand can never have any impact on other variables.

Research, Money demand

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Theoretical reflections on endogenous money: the problem with 'convenience lending.'(supply and demand for money and interest rates)

Article Abstract:

There are problems in perceiving credit driven endogenous money using horizontal curves for money supply. This begs the question of liquidity preference, and does not tackle the issue of how equilibrium is maintained between demand for loans and for deposits. Interest rate changes can be used to eliminate discrepancies. Graphical methods illustrating flows of money may be more useful than supply curves. The flow would be the result of demand for credit interacting with deposit demand.

Economic aspects, Interest rates, Money supply

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