Money, Distribution Conflict and Capital Accumulation: Contributions to 'Monetary Analysis'

Cover......Page 2
Contents......Page 7
Foreword......Page 10
Acknowledgements......Page 11
List of Tables and Figures......Page 13
List of Variables......Page 15
1 Introduction: Money, Distribution Conflict and Capital Accumulation......Page 17
Part I: Real and Monetary Analysis in Economic Paradigms......Page 21
2 Real and Monetary Analysis in Economic Paradigms: Introduction to Part I......Page 23
3 Real Analysis in Classical, Neoclassical, Neoclassical Synthesis, Monetarist, New Classical, New Keynesian, and New Consensus Theories......Page 25
4 Monetary Analysis in Classical Economics: Banking School and Neo-Ricardian Monetary Theory of Distribution......Page 29
5.1 Marx’s ‘monetary theory of value’......Page 32
5.2 The level of prices, the rejection of Say’s law and the endogeneity of money......Page 34
5.3 Credit, rate of interest and rate of profit......Page 39
5.4 Implications of Marx’s monetary analysis for the theory of accumulation and crisis......Page 42
6.1 Keynes’s ‘monetary theory of production’......Page 46
6.2 The development of the Post-Keynesian research programme......Page 51
6.3 Fundamental uncertainty, liquidity premium and the interest rate......Page 53
6.4 Interest rate, profit rate and investment......Page 56
6.5 Exogenous interest rate and endogenous credit and money......Page 59
6.6 Summary of Post-Keynesian monetary analysis......Page 69
7 Real and Monetary Analysis in Economic Paradigms: Summary and Implications of Part I......Page 72
Part II: Interest Rate, Distribution and Capital Accumulation – Post-Keynesian Models......Page 75
8 Interest Rate, Distribution and Capital Accumulation – Post-Keynesian Models: Introduction to Part II......Page 77
9 Post-Keynesian Monetary Theory and the Models of Distribution and Growth......Page 79
10.1 Production, prices, interest, and credit......Page 84
10.2 Endogenous money, credit and finance in a monetary circuit......Page 86
10.3 Interest rate and functional income distribution......Page 95
11.1 The model......Page 98
11.2 Limitations of the model......Page 101
12.1 The basic structure: endogenous rate of capacity utilization, mark-up pricing, and classical saving hypothesis......Page 103
12.2 The choice of the investment function......Page 107
12.3 The rate of interest in the Rowthorn–Dutt–Amadeo model......Page 111
12.4 The rate of interest in the Bhaduri/Marglin model......Page 113
13.1 Extensions......Page 116
13.2 The Rowthorn–Dutt–Amadeo model extended......Page 119
13.3 The Bhaduri/Marglin model extended......Page 130
14 Interest Rate, Distribution and Accumulation in Post-Keynesian Models: Summary and Conclusions of Part II......Page 140
Part III: Distribution Conflict, Inflation and Monetary Policy in a Credit Economy......Page 145
15 Distribution Conflict, Inflation and Monetary Policy in a Credit Economy: Introduction to Part III......Page 147
16.1 Introduction......Page 149
16.2 The basic model......Page 151
16.3 Employment, wage bargaining and inflation: the GERE and the SIRE......Page 154
16.4 The short-run stability of the NAIRU/the SIRE......Page 156
16.5 The long-run endogeneity of the NAIRU/the SIRE......Page 160
16.6 Results and implications for monetary policy and wage bargaining......Page 166
17.1 Introduction......Page 169
17.2 The basic model......Page 171
17.3 Capacity utilization, wage bargaining, inflation and monetary policy intervention: the GERCU and the SIRCU......Page 173
17.4 Short-run stability of the SIRCU and monetary policy interventions......Page 174
17.5 The long-run endogeneity of the SIRCU......Page 176
17.6 The paradox of thrift and the paradox of costs......Page 180
17.7 Conclusions......Page 182
18 Summary and Conclusions: Money, Distribution Conflict and Capital Accumulation......Page 185
Notes......Page 193
References......Page 205
Index......Page 226