The New Arthurian Economics

Arthur F. Shipman

MPRA Paper from University Library of Munich, Germany

Abstract: The popular understanding of monetary policy is reviewed. A flaw is uncovered: Changes in the components of "money" have been ignored. Policy has therefore allowed the development of a monetary imbalance. This imbalance may be described as the excessive reliance on credit. The flaw has reduced the effectiveness of monetary policy. It is responsible for our failure to bring inflation to a halt. It is responsible for massive debt accumulation. It is responsible for our economic problems today. A solution is proposed.

Keywords: monetary imbalance; monetary policy; new economic theory; credit-money; credit in circulation; debt accumulation; cause of hard times (search for similar items in EconPapers)
JEL-codes: E0 E31 E51 (search for similar items in EconPapers)
Date: 2009-01-16
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:12816

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