Beyond Barter:Lectures in Monetary Economics After 'Rethinking'

John Smithin
Additional contact information
John Smithin: York University, Canada

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: The conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that the working of complex monetary economy could be analysed on the same principles as those of barter exchange, has demonstrably failed. This book provides a thorough rethinking of the nature of a monetary economy. It builds upon a complete theory of the domestic and international monetary macro-economy, and of macroeconomic policy for the modern age. Central to the analysis is the idea that a successful market economy requires an endogenous supply of money via the banking system. Therefore to achieve macroeconomic stability, the book proposes the targeting of real interest rates under a regime of flexible exchange rates or 'fixed but adjustable exchange rates' as the main goal of monetary policy, along with a range of innovative fiscal and trade policies to promote economic growth, and thereby achieve full employment and a fair distribution of income.

Keywords: Monetary Macroeconomics; Monetary Theory; Real Interest Rates Rules; Economic Growth; Fair Distribution of Income; Philosophy of Money and Finance; Modern Monetary Theory; Myth of Barter; Monetary Economy; Myth of the Natural Rate of Interest; Interest Rates; Endogenous Money; Revolution In Economic Theory; Macroeconomic Policy; Monetary Analysis; Taxes; Government Spending; Exchange Rates; Monetary Mercantilism; Revenge of the Rentiers; John Smithin; Keynes; Capitalism in One Country; Method of Enterprise; Means of Payment; Money of Account; Political Economy; Globalization; Economic Sociology; International Relations; Trade; Economic Nationalism; Prosperity; Economic Crisis; Financial Crises; History of Economic Thought; Minsky; Marx; Hayek; Schumpeter; Capitalism; Adam Smith; Real Exchange Economy; Capital; Finance; Real Wages; Entrepreneurial Business; Entrepreneurs; Rentier Share; Wage Share; Financial Innovation; Electronic Money; Employment; Unemployment; Labour; Usury; Exploitation; Economic Stability; Economic Instability (search for similar items in EconPapers)
JEL-codes: E00 E5 E52 F62 N1 P48 (search for similar items in EconPapers)
Date: 2022
ISBN: 9789811244421
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.worldscientific.com/worldscibooks/10.1142/12488 (text/html)
Ebook Access is available upon purchase

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wsbook:12488

Ordering information: This item can be ordered from

Access Statistics for this book

More books in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().