Call Boomerang Books 1300 36 33 32

This book presents a study in the foundations of monetary theory with several unique features. It consists of two parts: a critique of the varieties of neoclassical monetary theory, and a rigorous statement of the foundations of Post Keynesian monetary theory. The two parts reflect Joseph Schumpeter's distinction between monetary theories in the divergent traditions of Real and Monetary Analysis. Part I offers a novel critique of Wicksellian and neo-Walrasian general equilibrium versions of Real analysis. The critique of Wicksell's monetary theory demonstrates the general impossibility of defining the natural rate of interest without which the loanable funds theory collapses. The critique of neo-Walrasian monetary theory, on the other hand, exploits the inessential role of 'money' in temporary equilibrium and overlapping generations models and develops a novel interpretation of the Patinkin controversy and the Clower finance constraint. The implications of these developments are then traced through the debates between monetarists and Keynesians. Part II presents a rigorous argument for securing the foundations of Post Keynesian monetary theory in the tradition of Monetary Analysis. In the context of the evolution of the monetary system from commodity money to credit money. Wicksell's natural rate of interest is replaced by Keynes's marginal efficiency of capital which is in turn applied to Myrdal's notion of monetary equilibrium to derive a formal definition of Keynes's point of effective demand. This leads to the most novel feature of the book: the demonstration of the existence of a long-run unemployment equilibrium without the assumptions of rigid wages. The principle of effective demand is shown to break Say's Law by placing a limit on the profitable expansion of output before full employment is reached.

Buy Money, Interest and Capital book by Colin Rogers from Australia's Online Independent Bookstore, Boomerang Books.

Book Details

ISBN: 9780521359566
ISBN-10: 0521359562
Format: Paperback
(216mm x 138mm x 19mm)
Pages: 336
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 11-May-1989
Country of Publication: United Kingdom

Other Editions

Reviews

» Have you read this book? We'd like to know what you think about it - write a review about Money, Interest and Capital book by Colin Rogers and you'll earn 50c in Boomerang Bucks loyalty dollars (you must be a Boomerang Books Account Holder - it's free to sign up and there are great benefits!)

Write Review


Books By Author Colin Rogers

Researching the Police in the 21st Century by Colin Rogers

Researching the Police in the 21st Century

Paperback, September 2014
$72.31
Crime Reduction Partnerships by Colin Rogers

Crime Reduction Partnerships

Paperback, November 2012
$74.66
Policing and Young People by Colin Rogers

Policing and Young People

Paperback, August 2011
$44.99
Police Work by Colin Rogers

Police Work

Hardback, September 2010
$201.60