The nature of money under a commodity standard: exogenous or endogenous?

German Feldman

Journal of Post Keynesian Economics, 2023, vol. 46, issue 2, 207-218

Abstract: The aim of the present article is to discuss the nature of money under a commodity standard. The notion of money supply endogeneity, endorsed by Post-Keynesian (PK) scholars within the institutional framework of modern credit economies, is extended to the case of a gold standard regime by recourse to the view of early classical economists, which highlights the endogenous determination of the supply of precious metals in a long-period position. This interpretation represents a more robust and natural extension of the PK approach than the neoclassical quantity-theoretic framework employed by several PK scholars to give account of the normal working of this monetary system.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:46:y:2023:i:2:p:207-218

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DOI: 10.1080/01603477.2022.2134031

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