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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.
- Sales Rank: #3131862 in Books
- Brand: Brand: Cambridge University Press
- Published on: 1989-05-26
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .75" w x 5.43" l, .95 pounds
- Binding: Paperback
- 336 pages
- Used Book in Good Condition
Review
"Of the many post-Keynesian books on Keynes's economics published in the last five or six years, this is probably the most interesting to have appeared....it is surely a good introduction to that body of thought." Murray Milgate, Journal of Economic Literature
Most helpful customer reviews
3 of 4 people found the following review helpful.
Rogers overlooked Keynes's math model in ch 20 of the GT.
By Michael Emmett Brady
Rogers(R) has provided an excellent general summary of the supporting analysis used in the General Theory(GT) by Keynes to analyze his theory of effective demand from a strictly monetary point of view ,based on the application of his theory of liquidity preference explanation of the rate of interest as the return or reward for not "hoarding"(holding additional cash to self insure the decision maker against the uncertainty of the future as it relates to investing in fixed amounts of capital goods).Rogers covers Keynes's analysis,then,of the money market alone,isolated from the labor market and the commodity(goods or output)market.The mathematical analysis of the money market,as it pertains to the theory of effective demand,is provided by Keynes on pp.304-306 of the GT as an addition to his mathematical modeling of the labor and commodity markets that is contained in chapter 20 of the GT.Unfortunately,R makes no use of these mathematically worked out results that Keynes used in order to construct the mathematical proof of the existence of multiple equilibria ,which would include unemployment equilibria as well as the existence of a single point of full employment called a full employment equilibrium,that Keynes would make use of in the appendix to chapter 19 of the GT in order to demonstrate that Pigou's 1933 analysis in his The Theory of Unemployment in Part II,chapters 8-10,culminating in Pigou's p.102 proof was a special case that held only if an economy was operating on the boundaries of the static(short run) and dynamic(long run)production possibilities curves that required that the mpc+mpi=1.The loanable funds theory of the rate of interest is a special case that holds iff mpc+mpi(or,more generally,the mpsp=1)=1,where the mpc is the marginal propensity to spend on consumption goods,the mpi is the marginal propensity to spend on investment goods,and mpsp is the marginal propensity to spend on all goods,including imports,exports,and public goods.Roger's discussions on pp.219-223 of his book touch on all of these topics without ever presenting the explicit mathematical summary of the theory of effective demand that Keynes presented in the form of elasticities in chapters 10,20,and21 of the GT.Keynes's overall result is that w/p=mpl/(mpc+mpi),where w/p equals the real wage and mpl equals the marginal product of labor in the aggregate.If mpc+mpi
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