Some Reflections on Keynes's 'Finance Motive' for the Demand for Money

Jörg Bibow

Cambridge Journal of Economics, 1995, vol. 19, issue 5, 647-66

Abstract: This essay offers a fresh interpretation of Keynes's 'finance motive.' Some competing interpretations are assessed, which, it is argued, are inconsistent with the conceptual framework of Keynes's monetary analysis. The finance motive is interpreted as an intrinsically dynamic conception, which displays important aspects of Keynes's monetary thought not brought out in the current macroeconomic paradigm. The essay attempts to show that liquidity preference theory should be understood in a dynamic context as a theory of financial intermediation. (c) 1995 Academic Press Ltd. Copyright 1995 by Oxford University Press.

Date: 1995
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