The Dynamics of the Monetary Circuit

Steve Keen

Chapter 9 in The Political Economy of Monetary Circuits, 2009, pp 161-187 from Palgrave Macmillan

Abstract: Abstract As is well known, Keynes (1936) asserted that a monetary economy differs fundamentally from a barter economy. However, he provided no a priori foundation for his analysis that clearly ruled out a barter framework, which left the way open for Hicks’s Walrasian interpretation of The General Theory, and the ultimate decline of Keynesian economics.

Keywords: Banking Sector; Social Accounting Matrix; Credit Crunch; Bank Asset; Money Wage (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230245723_9

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