Augusto Graziani and recent advances in the monetary theory of production

2017 ◽  
Vol 68 (2) ◽  
pp. 202-204 ◽  
Author(s):  
Giuseppe Fontana ◽  
Riccardo Realfonzo
Keyword(s):  
Monetary Theory ◽  
Recent Advances ◽  
Theory Of Production

How can we restore the generality of the General Theory?

2018 ◽  
Vol 43 (5) ◽  
pp. 1397-1415 ◽  
Author(s):  
Teodoro Dario Togati
Keyword(s):  
General Theory ◽  
Research Programme ◽  
Monetary Theory ◽  
Systematic Fashion ◽  
Key Points ◽  
Theory Of Production

AbstractIn this paper, I tackle the key issue raised by Pasinetti, namely why Keynes failed to accomplish his revolution and build a unifying ‘monetary theory of production’ framework. I argue that this occurred because, following his Marshallian background, he adopted an oversimplified view of the structure of theories, a problem which, following Leontief, might be labelled as ‘implicit theorising’ (IT). By making a comparison between the General Theory and standard macroeconomics based on Lakatos’s ‘research programme’ notion, this paper explores IT in a systematic fashion and stresses two key points. First, Keynes did not attack the ‘true’ orthodox postulates but only the conclusions deriving from them. Secondly, he failed to articulate his own research programme effectively. Based on these points, the paper concludes that filling such gaps in Keynes’s theory is the precondition for restoring his generality claim.

scholarly journals The Ethics Inside the Monetary Circuit: How Bank’s Social Responsibility Affects Money Creation

2016 ◽  
Vol 11 (7) ◽  
pp. 1
Author(s):  
Nadia Oliva ◽  
Andrea Pacella
Keyword(s):  
Social Responsibility ◽  
Credit Markets ◽  
Monetary Theory ◽  
Loan Rate ◽  
Money Creation ◽  
Theory Of Production ◽  
Monetary Circuit

<p>The paper aims to introduce ethical remarks into the monetary circuit (or monetary theory of production)<br />approach in order to study the mechanism of money creation when banks discriminate production on an ethical<br />plane. By the micro-foundation of the banks’ and firms’ behaviour, it will be shown that the ethical<br />discrimination of firms by banks is implemented by the differentiation of the mark-ups on the loan rate and how<br />this discrimination leads the system to create different credit markets according to the capacity (or willingness)<br />of firms to satisfy (or not) the ethical claims of the banks.</p>

Keynes and Anchorless Banking

1998 ◽  
Vol 20 (1) ◽  
pp. 71-82 ◽  
Author(s):  
Thomas K. Rymes
Keyword(s):  
General Theory ◽  
Supply And Demand ◽  
Monetary Theory ◽  
John Maynard Keynes ◽  
Monetary Economy ◽  
The Future ◽  
Theory Of Value ◽  
Working Out ◽  
Theory Of Production ◽  
Special Case

In The General Theory, John Maynard Keynes broke with the quantity theory of money, not just in working out a monetary theory of production but, as he says, in arguing the case for a monetary theory of value. Keynes writes (CW, 7, pp. xxii-xxiii):A monetary economy, we shall find, is essentially one in which changing views about the future are capable of influencing the quantity of employment and not merely its direction. But our method of analyzing the economic behaviour of the present under the influence of changing ideas about the future is one which depends on the interaction of supply and demand, and is in this way linked up with our fundamental theory of value. We are thus led to a more general theory, which includes the classical theory with which we are familiar, as a special case.

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