Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/56958
Authors: 
Wray, L. Randall
Year of Publication: 
2011
Series/Report no.: 
Working paper, Levy Economics Institute 658
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.
Subjects: 
money
public monopoly
monetary theory of production
Keynes
Marx
Veblen
Knapp
chartalism
JEL: 
B14
B15
B22
B52
E12
E40
E42
E50
E51
E52
G14
G21
H1
H3
H4
H44
Document Type: 
Working Paper

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