In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money.
Author: L. Randall Wray
Publisher: Edward Elgar Publishing
In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money. Only recently rediscovered, these articles are reprinted and analyzed here for the first time.
In 1912, when Mises, at age thirty-one, wrote this landmark book, no monetary theory could be described as both securely founded on economic reality and properly incorporated into an analysis of the entire economic system.
Author: Ludwig Von Mises
Publisher: Liberty Fund
In 1912, when Mises, at age thirty-one, wrote this landmark book, no monetary theory could be described as both securely founded on economic reality and properly incorporated into an analysis of the entire economic system. "The Theory of Money and Credit" opened new vistas. It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy. As the well-known "Austrian" economist Rothbard writes in his new foreword: "This book performed the mighty feat of integrating monetary with micro theory, of building monetary theory upon the individualistic foundations of general economic analysis."
This book is the definitive scholarly work on money, credit and macroeconomics for the twenty-first century.
Author: John Smithin
Publisher: Rowman & Littlefield
This book is the definitive scholarly work on money, credit and macroeconomics for the twenty-first century. Nine decades ago Keynes claimed to be writing a work that would “largely revolutionize the way the world thinks about economic problems”. This is a modern day attempt with the same purpose.
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy.
Author: Louis-Philippe Rochon
Publisher: Edward Elgar Publishing
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' - Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.
For detailed discussion and defense of the theory underlying the present chapter,
the reader is referred to the writer's Value of Money. * I am informed by a careful
student in the Bureau of Labor Statistics, who has watched in detail the ...
Author: Benjamin McAlester Anderson
Publisher: Salzwasser-Verlag Gmbh
Reprint of the original, first published in 1919.
This second volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores the new economic features that arise when we consider multi-period finite and infinite horizon economies.
Author: Martin Shubik
Publisher: MIT Press
This second volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. This is the second volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics" -- a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
As a precursor to Human Action, Mises's magnum opus, this volume includes some of his most important contributions to trade-cycle theory.
Author: Ludwig Von Mises
The three treatises in On the Manipulation of Money and Credit were written in German between 1923 and 1931. Together they include some of Mises's most important contributions to monetary and trade-cycle theories and constitute a precursor to Mises's major work, Human Action. In the first essay, "Stabilization of the Monetary Unit from the Viewpoint of Theory," written during the period of German hyperinflation, Mises discusses the consequences of the fluctuating purchasing power of paper money. He explores such ideas as the outcome of inflation, that is, the result of the increase in the amount of money, and an emancipation of monetary value from the influence of government. The second essay, "Monetary Stabilization and Cyclical Policy," written in 1928, presents Mises's business-cycle theory. Published on the eve of the Great Depression, the treatise critiques schemes for stabilizing prices and for "measuring" purchasing power. The third piece, "The Causes of the Economic Crisis," is a speech Mises delivered in 1931 exploring the nature and role of the market and cyclical changes in business conditions. He assesses the causes and effects of the crisis of the time and discusses various potential solutions to the problems of the Depression. Ludwig von Mises (1881-1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century. He earned his doctorate in law and economics from the University of Vienna in 1906. In 1926, Mises founded the Austrian Institute for Business Cycle Research. From 1909 to 1934, he was an economist for the Vienna Chamber of Commerce. Before the Anschluss, in 1934 Mises left for Geneva, where he was a professor at the Graduate Institute of International Studies until 1940, when he emigrated to New York City. From 1948 to 1969, he was a visiting professor at New York University. Bettina Bien Greaves is a former resident scholar, trustee, and longtime staff member of the Foundation for Economic Education. She has written and lectured extensively on topics of free market economics. Her articles have appeared in such journals as Human Events, Reason, and The Freeman: Ideas on Liberty. A student of Mises, Greaves has become an expert on his work in particular and that of the Austrian School of economics in general. She has translated several Mises monographs, compiled an annotated bibliography of his work, and edited collections of papers by Mises and other members of the Austrian School.
The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV ...
Author: Avi Cohen
Publisher: Springer Science & Business Media
Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe. `Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'
All credit has monetary foundations, but these differ between its trade and
monetary forms. ... relationship in neoclassical theory Mainstream economics
focuses overwhelmingly on monetary credit and assigns a secondary role to
trade credit; ...
Author: Costas Lapavitsas
Publisher: Verso Books
Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted from households through financial expropriation. Financialized capitalism is also prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance.
Edward Elgar ) . Niehans , J . ( 1978 ) The Theory of Money ( Baltimore , Md :
Johns Hopkins University Press ) . — ( 1987 ) ' Classical monetary theory , new
and old ' , Journal of Money , Credit and Banking , 19 ( 4 ) : 409 – 24 . O ' Brien , D
. P ...
Author: Mark Blaug
Publisher: Edward Elgar Pub
Essays discuss the quantity theory of money, its development and its continuing relevance for contemporay economics