Keynes After 75 Years: Rethinking Money As A Public Monopoly

In this paper, the author first provides 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. The author then focuses 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.

Provided by: Levy Economics Institute Topic: CXO Date Added: Mar 2011 Format: PDF

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