Keynes after 75 years: Rethinking money as a public monopoly

Arbeitspapier

In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the orthodox approach that views money as an efficiency-enhancing innovation of markets, and the Chartalist approach that defines money as a creature of the state. As the state's creature money should be seen as a public monopoly. I then move on to the implications of viewing money as a public monopoly and link that view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 658

Classification and Topics

• Classification: Wirtschaft ; History of Economic Thought through 1925: Socialist; Marxist ; History of Economic Thought through 1925: Historical; Institutional; Evolutionary ; History of Economic Thought: Macroeconomics ; Current Heterodox Approaches: Historical; Institutional; Evolutionary ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Money and Interest Rates: General ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General ; Money Supply; Credit; Money Multipliers ; Monetary Policy ; Information and Market Efficiency; Event Studies; Insider Trading ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages ; Publicly Provided Goods: Mixed Markets
• Subject: money ; public monopoly ; monetary theory of production ; Keynes ; Marx ; Veblen ; Knapp ; chartalism

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Wray, L. Randall
• Event: Veröffentlichung
• (who): Levy Economics Institute of Bard College
• (where): Annandale-on-Hudson, NY
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/56958
• Last update: 10.03.2025, 11:44 AM CET