Money and Employment

Hardback

Money and Employment

A Study of the Theoretical Implications of Endogenous Money

9781840648621 Edward Elgar Publishing
Peter Docherty, Lecturer, School of Finance and Economics, University of Technology, Sydney, Australia
Publication Date: 2005 ISBN: 978 1 84064 862 1 Extent: 392 pp
Money and Employment examines the analytical role of money within classical, neoclassical and Keynesian theories of output and employment.

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Money and Employment examines the analytical role of money within classical, neoclassical and Keynesian theories of output and employment.

The book argues that an endogenously determined money supply is inconsistent with the essential structure of neoclassical economic theory but a necessary condition for a long run interpretation of Keynes’s theory of unemployment. It carefully examines Nicholas Kaldor’s theory of endogenous money, linking it with Kaldor’s treatment of interest and employment. The structure of Kaldor’s theory is then shown to overcome important problems with Keynes’s 1936 theory of unemployment. A macro model incorporating insights from Kaldor’s approach to monetary analysis as well as contributions from the work of Basil Moore is also developed, which may be used as a foundation for further research of long run monetary explanations of unemployment.

Exploring the theoretical structure and implications of endogenous money, this book will be a fascinating read for a wide ranging audience, including: academics, students and researchers with an interest in the role of money and interest rates in economic systems, and more specifically, post Keynesian theorists, macroeconomists, central bankers, and historians of economic thought.
Critical Acclaim
‘This volume may be described as a rare book. Treatises on monetary theory by Australian authors are rare. Almost non-existent, in fact. The tiny and invisible fraternity of monetary adepts among The Economic Record’s readership should welcome the appearance of these 383 learned pages on the intricacies of their pursuit.’
– William Coleman, The Economic Record

‘This book represents a very considerable achievement. It is clearly written, displays very substantial scholarship, and makes a strong case for the Kaldor–Moore approach, suitably modified, as the analytical core of a genuinely non-neoclassical Keynesian macroeconomics. It is strongly recommended to anyone with an interest in monetary theory and monetary policy, today and in the history of economic thought.’
– John King, History of Economics Review
Contents
Contents: 1. Introduction: Money and Employment 2. Money in Classical Economics 3. The Quantity Theory and Wicksell’s Pure Credit Economy 4. Monetary Conditions and Employment in The General Theory 5. Endogeneity in Kaldor’s Anti-Monetarist Writings 6. The Structure of Interest Rates: Kaldor’s Early Monetary Writings 7. Moore’s Contribution: Wholesale Markets and the Banking System 8. Criticism of the Kaldor–Moore Approach: Short Term Finance and Increasing Risk 9. The Banking Sector in an Endogenous Money Macro Model 10. An Endogenous Money Macroeconomic Model 11. Summary and Conclusions References Index
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