 Bringing Together the Horizontalist and the Structuralist Analyses of Endogenous MoneyChapter 7 in Microeconomics, Macroeconomics and Economic Policy, 2011, pp 116-133 from Palgrave Macmillan Abstract: Abstract In the introductory chapter of this book, Philip Arestis maintains that throughout the course of his academic career Malcolm Sawyer has adopted an ‘open-minded’ approach to economics, which had led him first to revive and then make ground-breaking contributions to Kaleckian economics from the 1970s onwards. This chapter supports this view. In his early academic career Malcolm published important empirical papers on the nature of modern capitalist economies (see, for instance, Aaronovitch and Sawyer, 1975a, 1975b; Henry et al., 1976; and Sawyer, 1971, 1976, 1979). This empirical work soon led him to question the dominant macroeconomics theories of the time, namely the IS-LM Keynesian theory (hereafter Keynesian theory) and the monetarist theory (Sawyer, 1982). In his view, for all their differences Keynesian and monetarist theories committed the same sin. Keynesian and monetarist theories were based on ad hoc hypotheses, with very little empirical support. Keywords: Monetary Policy; Central Bank; Money Supply; Credit Market; Interest Rate Policy (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-31375-0_7 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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