The Monetary Theory of Kalecki and Minsky

Jan Toporowski ()
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Jan Toporowski: Department of Economics, SOAS University of London, UK

No 172, Working Papers from Department of Economics, SOAS University of London, UK

Abstract: The monetary theory of Kalecki and Minsky is usually placed within the Post-Keynesian tradition, deriving from the monetary analysis of John Maynard Keynes. The paper argues that Kalecki and Minsky shared a common inheritance in Swedish and German monetary theory, rather than the Marshallian tradition. Thus the monetary analysis of Kalecki and Minsky emphasises the endogeneity of money through capitalist reproduction, rather than through the mechanisms connecting central bank money to credit creation in the banking system. This provides the link between the monetary theory of Kalecki and Minsky and modern circuit theory.

Keywords: Keynes; Kalecki; Minsky; Money (search for similar items in EconPapers)
JEL-codes: B30 E12 E51 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2012-03
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 (2)

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Persistent link: https://EconPapers.repec.org/RePEc:soa:wpaper:172

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