Endogenous Money: A Note on Some Post-Keynesian Controversies

Bill Lucarelli

Review of Political Economy, 2013, vol. 25, issue 2, 348-359

Abstract: Keynes's theory of liquidity preference sought to illuminate the essential properties of money under the conditions of uncertainty that often lead to involuntary unemployment. Subsequent Post-Keynesian literature built upon this concept to show that a deregulated financial system could induce phases of endemic financial instability and crises. Keynes's finance motive provides an important starting point in Post-Keynesian theories of endogenous money. This article examines the controversies between two major contending analytical approaches, the Horizontalist and Structuralist schools.

Date: 2013
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DOI: 10.1080/09538259.2013.775830

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