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dc.contributor.authorWray, L. Randallen_US
dc.date.accessioned2011-01-05en_US
dc.date.accessioned2012-04-12T14:17:02Z-
dc.date.available2012-04-12T14:17:02Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/56952-
dc.description.abstractThis paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the first proposition because, if it were, that would mean that a particular good is buying goods.(3) Default on debt is possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox literature on money. The approach taken here is integrated with Hyman Minsky's (1986) work (which relies heavily on the work of his dissertation adviser, Joseph Schumpeter [1934]); the endogenous money approach of Basil Moore; the French-Italian circuit approach; Paul Davidson's (1978) interpretation of John Maynard Keynes, which relies on uncertainty; Wynne Godley's approach, which relies on accounting identities; the K distribution theory of Keynes, Michal Kalecki, Nicholas Kaldor, and Kenneth Boulding; the sociological approach of Ingham; and the chartalist, or state money, approach (A. M. Innes, G. F. Knapp, and Charles Goodhart). Hence, this paper takes a somewhat different route to develop the more typical heterodox conclusions about money.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 647en_US
dc.subject.jelE4en_US
dc.subject.jelE5en_US
dc.subject.jelE6en_US
dc.subject.jelE11en_US
dc.subject.jelE12en_US
dc.subject.jelB5en_US
dc.subject.jelB15en_US
dc.subject.jelB22en_US
dc.subject.ddc330en_US
dc.subject.keywordmoneyen_US
dc.subject.keywordcrediten_US
dc.subject.keyworddebten_US
dc.subject.keyworduncertaintyen_US
dc.subject.keyworddefaulten_US
dc.subject.keywordunit of accounten_US
dc.subject.keywordheterodoxen_US
dc.subject.keywordcircuit approachen_US
dc.subject.keywordGodleyen_US
dc.subject.keywordMinskyen_US
dc.subject.keywordKnappen_US
dc.subject.keywordSchumpeteren_US
dc.subject.keywordendogenous moneyen_US
dc.subject.stwGeldtheorieen_US
dc.subject.stwDogmengeschichteen_US
dc.subject.stwTheorieen_US
dc.titleMoneyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn642744610en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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