@techreport{Wray2011Keynes,
abstract = {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.},
address = {Annandale-on-Hudson, NY},
author = {L. Randall Wray},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {B14; B15; B22; B52; E12; E40; E42; E50; E51; E52; G14; G21; H1; H3; H4; H44; 330; money; public monopoly; monetary theory of production; Keynes; Marx; Veblen; Knapp; chartalism},
language = {eng},
number = {658},
publisher = {Levy Economics Inst.},
title = {Keynes after 75 years: Rethinking money as a public monopoly},
type = {Working paper, Levy Economics Institute},
url = {http://hdl.handle.net/10419/56958},
year = {2011}
}
