publication . Article . 2013

Endogenous money: the evolutionary versus revolutionary views*

Louis-Philippe Rochon; Sergio Rossi;
Open Access
  • Published: 01 Apr 2013 Journal: Review of Keynesian Economics, volume 1, issue 2 Jan, pages 210-229
Abstract
The purpose of this paper is to shed light on the endogenous nature of money. Contrary to the established post-Keynesian, or evolutionary, view, this paper argues that money has always been endogenous, irrespective of the historical period. Instead of the evolutionary theory of money and banking that can be traced back to Chick (1986), this paper puts forward a revolutionary definition of endogenous money consistent with many aspects of post-Keynesian economics as well as with the monetary circuit approach. This alternative starting point leads to the conclusion that money is indeed ‘always and everywhere’ an endogenous phenomenon. This analysis rests on the...
Subjects
free text keywords: banks, endogenous money, monetary analysis, jel:E42, jel:E51, jel:E52, Economics and Econometrics, Debt, media_common.quotation_subject, media_common, Neoclassical economics, Quantity theory of money, Phenomenon, Post-Keynesian economics, Monetarism, Keynesian economics, Economics, Hyperinflation, Evolutionary theory, Endogenous money
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publication . Article . 2013

Endogenous money: the evolutionary versus revolutionary views*

Louis-Philippe Rochon; Sergio Rossi;