Joan Robinson and Keynes: finance, relative prices and the monetary circuit

Claude Gnos () and Louis-Philippe Rochon

Review of Political Economy, 2003, vol. 15, issue 4, 483-491

Abstract: Joan Robinson's views on credit and money are discussed only rarely. Of late, however, some Post-Keynesians have sought to revive these views, claiming that Robinson was one of the original contributors to the theory of endogenous money, post Keynes. This paper has two objectives. First, it seeks to develop Robinson's views on credit, money and finance and to show that not only did she have a clear understanding of the theory of endogenous money, but that she also held views akin to the theory of the monetary circuit. Second, the paper addresses Robinson's dismissal of the problem of relative prices and the conventional theory of value. Once again, it shows that Robinson's position is connected closely with the model of the monetary circuit as a basis of her theory of accumulation.

Date: 2003
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DOI: 10.1080/0953825032000121432

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