The endogenous money supply

Stephen Rousseas

Chapter Chapter 4 in Post Keynesian Monetary Economics, 1986, pp 62-72 from Palgrave Macmillan

Abstract: Abstract One of the enigmas of our time is why the quantity theory of money, in one form of another, has survived as long as it has. Nicholas Kaldor regards its current “monetarist” guise as a “terrible curse” and “a visitation of evil spirits” which has caused misery and agony in the form of mass unemployment in the major countries of the West. It is decadent in the Nietzschean sense of going intuitively “for the bad solutions for getting out of difficult situations” while failing “to pick out the good ones.’1 For Kaldor, the rise of monetarism is not due to its “scientific” merits, for it has none. It was the use of monetarism to justify the reactionary shift in the balance of power from labor to capital—at least in Britain and the United States in recent times, and in Chile one might add—that explains its current success in the field of reigning ideas.

Keywords: Interest Rate; Monetary Policy; Price Level; Money Supply; Monetary Authority (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-18229-9_4

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DOI: 10.1007/978-1-349-18229-9_4

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