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dc.contributor.authorWray, L. Randallen
dc.date.accessioned2011-01-05-
dc.date.accessioned2012-04-12T14:17:02Z-
dc.date.available2012-04-12T14:17:02Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x647en
dc.subject.jelE4en
dc.subject.jelE5en
dc.subject.jelE6en
dc.subject.jelE11en
dc.subject.jelE12en
dc.subject.jelB5en
dc.subject.jelB15en
dc.subject.jelB22en
dc.subject.ddc330en
dc.subject.keywordmoneyen
dc.subject.keywordcrediten
dc.subject.keyworddebten
dc.subject.keyworduncertaintyen
dc.subject.keyworddefaulten
dc.subject.keywordunit of accounten
dc.subject.keywordheterodoxen
dc.subject.keywordcircuit approachen
dc.subject.keywordGodleyen
dc.subject.keywordMinskyen
dc.subject.keywordKnappen
dc.subject.keywordSchumpeteren
dc.subject.keywordendogenous moneyen
dc.subject.stwGeldtheorieen
dc.subject.stwDogmengeschichteen
dc.subject.stwTheorieen
dc.titleMoney-
dc.typeWorking Paperen
dc.identifier.ppn642744610en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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