A comment on Endogenous money and effective demand: a revolution or a step backward?

Abstract : Steve Keen argues that post-Keynesians have not sufficiently emphasized the revolutionary character of endogenous money for macroeconomic theory, and that this should be done by recognizing that aggregate demand is equal to current or past income plus the change in debt. This equation, attributed in particular to Hyman Minsky, is discussed and questioned, and it is recalled that a similar equation had been proposed by Alfred Eichner. The consequences of bank credit for firms or households are further analysed within the context of the national accounts, and it is shown that one does not need a redefinition of aggregate demand and aggregate supply, in contrast to what is proposed by Keen.
Type de document :
Article dans une revue
Review of Keynesian Economics, 2014, 2 (3), pp.321-332
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https://hal-univ-paris13.archives-ouvertes.fr/hal-01343743
Contributeur : Pascal Seppecher <>
Soumis le : samedi 9 juillet 2016 - 15:38:29
Dernière modification le : jeudi 11 janvier 2018 - 06:23:32

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  • HAL Id : hal-01343743, version 1

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Marc Lavoie. A comment on Endogenous money and effective demand: a revolution or a step backward?. Review of Keynesian Economics, 2014, 2 (3), pp.321-332. 〈hal-01343743〉

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