Monetary Theory And Policy From Hume And Smith To Wicksell
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Monetary Theory And Policy From Hume And Smith To Wicksell
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Author : Arie Arnon
language : en
Publisher: Cambridge University Press
Release Date : 2010-11-22
Monetary Theory And Policy From Hume And Smith To Wicksell written by Arie Arnon and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-22 with Business & Economics categories.
This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.
Perspectives On Keynesian Economics
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Author : Arie Arnon
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-11-29
Perspectives On Keynesian Economics written by Arie Arnon and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-29 with Business & Economics categories.
This book combines historical and policy-oriented perspectives on the relevance of the Keynesian approach for economic theory, policy, and crisis analysis. The first part focuses on historical, theoretical, and methodological issues, and puts them in context with current developments. The second part focuses on the application of the Keynesian approach to modeling the economy, policy-making, and analyzing the ongoing crisis of the early 21st century. Bringing together contributions by leading macroeconomists such as Laidler, Cukierman, Colander and Boyer, and leading historians of economics such as Hollander, Boianovsky, Marcuzzo, Dimand, Witztum, Young, deVroey and Arnon, the book offers a comprehensive overview of Keynesian economics today. One of the book’s most essential features are the commentaries on the papers, which promote a cross-fertilization between macroeconomists and historians of economics, providing, in conjunction with the papers themselves, a balanced outlook on the current relevance of Keynesian economics.
The Monetary Theory Of Production
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Author : Augusto Graziani
language : en
Publisher: Cambridge University Press
Release Date : 2003-09-04
The Monetary Theory Of Production written by Augusto Graziani and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-04 with Business & Economics categories.
In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.
Studies In The History Of Monetary Theory
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Author : David Glasner
language : en
Publisher: Springer Nature
Release Date : 2021-11-01
Studies In The History Of Monetary Theory written by David Glasner and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-01 with Business & Economics categories.
This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.
A Philosopher S Economist
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Author : Margaret Schabas
language : en
Publisher: University of Chicago Press
Release Date : 2023-01-19
A Philosopher S Economist written by Margaret Schabas and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-19 with Business & Economics categories.
Reconsiders the centrality and legacy of Hume’s economic thought and serves as an important springboard for reflections on the philosophical underpinnings of economics. Although David Hume’s contributions to philosophy are firmly established, his economics has been largely overlooked. A Philosopher’s Economist offers the definitive account of Hume’s “worldly philosophy” and argues that economics was a central preoccupation of his life and work. Margaret Schabas and Carl Wennerlind show that Hume made important contributions to the science of economics, notably on money, trade, and public finance. Hume’s astute understanding of human behavior provided an important foundation for his economics and proved essential to his analysis of the ethical and political dimensions of capitalism. Hume also linked his economic theory with policy recommendations and sought to influence people in power. While in favor of the modern commercial world, believing that it had and would continue to raise standards of living, promote peaceful relations, and foster moral refinement, Hume was not an unqualified enthusiast. He recognized many of the underlying injustices of capitalism, its tendencies to promote avarice and inequality, as well as its potential for political instability and absolutism. Hume’s imprint on modern economics is profound and far-reaching, whether through his close friend Adam Smith or later admirers such as John Maynard Keynes and Friedrich Hayek. Schabas and Wennerlind’s book compels us to reconsider the centrality and legacy of Hume’s economic thought—for both his time and ours—and thus serves as an important springboard for reflections on the philosophical underpinnings of economics.
Money As Organization Gustavo Del Vecchio S Theory
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Author : Gianfranco Tusset
language : en
Publisher: Routledge
Release Date : 2015-10-06
Money As Organization Gustavo Del Vecchio S Theory written by Gianfranco Tusset and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-06 with Business & Economics categories.
Between 1909-17, Gustavo Del Vecchio developed a ‘theory of circulation’. In a series of articles he set out his thoughts on the utility and value of money, credit, discount rates, banking and international payments. Tusset re-evaluates Del Vecchio’s theory, concluding that money represents a technology which organizes both economy and society.
Handbook On The History Of Economic Analysis Volume Ii
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Author : Gilbert Faccarello
language : en
Publisher: Edward Elgar Publishing
Release Date : 2016-07-27
Handbook On The History Of Economic Analysis Volume Ii written by Gilbert Faccarello and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
This unique troika of Handbooks provides indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, the volumes gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought.
Impunity And Capitalism
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Author : Trevor Jackson
language : en
Publisher: Cambridge University Press
Release Date : 2022-09-15
Impunity And Capitalism written by Trevor Jackson and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-15 with Business & Economics categories.
Whose fault are financial crises, and who is responsible for stopping them, or repairing the damage? Impunity and Capitalism develops a new approach to the history of capitalism and inequality by using the concept of impunity to show how financial crises stopped being crimes and became natural disasters. Trevor Jackson examines the legal regulation of capital markets in a period of unprecedented expansion in the complexity of finance ranging from the bankruptcy of Europe's richest man in 1709, to the world's first stock market crash in 1720, to the first Latin American debt crisis in 1825. He shows how, after each crisis, popular anger and improvised policy responses resulted in efforts to create a more just financial capitalism but succeeded only in changing who could act with impunity, and how. Henceforth financial crises came to seem normal and legitimate, caused by impersonal international markets, with the costs borne by domestic populations and nobody in particular at fault.
Money And Capital
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Author : Laurent Baronian
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-30
Money And Capital written by Laurent Baronian and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-30 with Business & Economics categories.
This book renews the Marxian theory of the general equivalent by highlighting the contradiction between the social functions of money (unit of account, means of circulation) and its private functions (store of value, accumulation). It draws a clear distinction between the monetary base and the commodity base of money and thus avoids the confusion between money and credit on the one hand, and money and capital on the other, which are found in other heterodox monetary theories. It accounts for the new forms of monetary constraints weighing on the banking systems under and inconvertible fiat money standard, the class relationships underlying the interventions of monetary authorities and governments, and presents a definition of the state which emphasises its mode of intervention on the collective and social conditions of capitalisms which are money and labour power. The emphasis on the contradiction between these two types of monetary functions gives a more fundamental account of the conflict between the international role and the national origin of the dollar than the Triffin dilemma, which has been constantly overcome or deferred by the US since 1960. The author explains this evolution by demonstrating how, from the 1950s onwards, the dollar began a process of acquiring relative autonomy from the US economy. By focusing on the role and international functions of the dollar, he offers a fresh look at the 2008 crisis and its consequences for the international monetary system, but also for a possible post-capitalist financial system – which post-revolutionary Russia experimented with in the form of the NEP, and whose contemporary implementation is foreshadowed by the rise of digital central bank currencies. The book thereby provides a necessary update to the tools and concepts inherited from Marx for analysing and understanding money, capital and the state.
Seigniorage
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Author : Jens Reich
language : en
Publisher: Springer
Release Date : 2017-09-10
Seigniorage written by Jens Reich and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-10 with Business & Economics categories.
This book analyzes the revenues from the creation of currency by a central government. Adopting an institutional perspective, it develops a general theory of seigniorage by identifying three monetary regimes in economic history and the history of economic thought: a commodity currency, a fiat currency and a credit currency regime. As such it provides a modern analytical framework to analyze the nature of revenues from the creation of currency and their optimal height, whether currency is issued by means of minting coins, by printing and spending paper notes, by crediting private entities, or combinations thereof. The results of this analysis stretch beyond the immediate topic. The book establishes a relationship between the theory of seigniorage and government debt, the theory of the interest rate, the optimal rate of inflation, or the effectiveness and inflationary limits of outright monetary transactions.