An essay on horizontalism, structuralism and historical time

Mark Setterfield

No 1402, Working Papers from Trinity College, Department of Economics

Abstract: Beyond agreement on the basic principles of money’s endogeneity, the development of Post-Keynesian monetary theory has been characterized by considerable dissent and debate. One important aspect of this debate concerns the shape of the credit supply curve in quantity of credit/interest rate space. The argument in this chapter is that that there can be, and to an extent already is, agreement that the horizontal credit supply curve is not a special case, and that the existence of an indeterminate dynamic credit supply schedule provides a general framework capable of accommodating both horizontalist and structuralist arguments. These arguments rest on the distinction between logical and historical time and, in particular, the claim that any construct (including, for example, a credit supply schedule) that is akin to a determinate long run equilibrium relationship is anathema to the methodological foundations of Post-Keynesian economics.

Keywords: Endogenous money; horizontalism; structuralism; historical time; supply of credit (search for similar items in EconPapers)
JEL-codes: E12 E42 E43 E51 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2014-03
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-pke
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Citations: View citations in EconPapers (1)

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http://www3.trincoll.edu/repec/WorkingPapers2014/WP14-02.pdf First version, 2014 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:tri:wpaper:1402

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