Liquidity Preference, Capital Accumulation and Investment Financing: Fernando Cardim de Carvalho’s Contributions to the Post-Keynesian Paradigm
José Luís Oreiro,
Luiz Fernando de Paula and
João Pedro Heringer Machado
Review of Political Economy, 2020, vol. 32, issue 1, 121-139
This paper assesses the main theoretical contributions by Fernando Cardim de Carvalho to the post-Keynesian Economics Paradigm: his elucidation of the fundamental principles that define the concept of a monetary production economy; his analysis of decision-making under non-probabilistic uncertainty; his development of a portfolio choice theory in which the decision to invest is regarded as one of possible wealth accumulation strategies; his liquidity preference theory, including its application to banks’ portfolio allocations under uncertainty; and finally his analysis of the finance-funding circuit and its implications for the functioning of monetary economies.
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Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:32:y:2020:i:1:p:121-139
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