Victoria chick on the monetary foundations of macroeconomics

Jan Toporowski

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: With the possible exception of her work on economic methodology, the monetary economics of Victoria Chick lay at the heart of her macroeconomics, and her general approach to economics. Chick’s monetary economics started with her participation in the revival of monetary theory in the wake of the Radcliffe Report, which argued that liquidity rather than money should be the central operational concept for theory and policy. When the monetary revival turned to monetarism, Chick countered by insisting on the monetary nature of macroeconomic variables, rather than confining money to a “monetary sector” that was added on to a “real” economy. She developed this approach by showing how macroeconomic relations were affected by banking evolution, and later rejected the concept of monetary endogeneity based on central bank operations in inter-bank markets. However, the critical part that she gave to monetary innovation in Keynes’s macroeconomics is an original but controversial part of her intellectual legacy.

Keywords: Radcliffe report; Victoria Chick; banking; monetary theory (search for similar items in EconPapers)
JEL-codes: E12 E42 E52 G21 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2026-07-12
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Published in Journal of Post-Keynesian Economics, 12, July, 2026. ISSN: 0160-3477

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