Endogenous money and effective demand

Steve Keen

Review of Keynesian Economics, 2014, vol. 2, issue 3, 271-291

Abstract: Endogenous money is a core component of post-Keynesian economics, but it has not been fully integrated into its macroeconomics. To do so requires replacing the accounting truism that ex post expenditure equals ex post income with the endogenous money insight that ex post expenditure equals ex ante income plus the ex post turnover of new debt. This paper derives this result after exploring precedents to this concept in the work of Schumpeter, Minsky, Keynes and Pigou.

Keywords: endogenous money; effective demand; loanable funds; macroeconomics; monetary theory (search for similar items in EconPapers)
JEL-codes: E10 E12 E40 E44 E51 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:elg:rokejn:v:2:y:2014:i:3:p271-291

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