Keynes after 75 Years: Rethinking Money as a Public Monopoly

L. Randall Wray

Economics Working Paper Archive from Levy Economics Institute

Abstract: In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the orthodox approach that views money as an efficiency-enhancing innovation of markets, and the Chartalist approach that defines money as a creature of the state. As the state's "creature," money should be seen as a public monopoly. I then move on to the implications of viewing money as a public monopoly and link that view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date.

Keywords: Money; Public Monopoly; Monetary Theory of Production; Keynes; Marx; Veblen; Knapp; Chartalism (search for similar items in EconPapers)
JEL-codes: B14 B15 B22 B52 E12 E40 E42 E50 E51 E52 G14 G21 H1 H3 H4 H44 (search for similar items in EconPapers)
Date: 2011-03
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mon and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Chapter: Keynes after 75 Years: Rethinking Money as a Public Monopoly (2012)
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