Money, distribution conflict and capital accumulation : contributions to 'monetary analysis'

Foreword / by Philip Arestis

Acknowledgements

List of figures and tables

List of variables

Introduction

Real and monetary analysis in economic paradigms

Real and monetary analysis in economic paradigms: introduction

Real analysis in classical, neoclassical, neoclassical synthesis, monetarist

New classical, new Keynesian, and new consensus theories

Monetary analysis in classical economics: banking school and neo-Ricardian monetary theory of distribution

Monetary analysis in Marx's economics

Marx's 'monetary theory of value'

The level of prices, the rejection of Say's Law and the endogeneity of money

Credit, rate of interest and rate of profit

Implications of Marx's monetary analysis for the theory of accumulation and crisis

Keynes's 'monetary theory of production' and the post-Keynesian research programme

Keynes's 'monetary theory of production'

The development of the post-Keynesian research programme

Fundamental uncertainty, liquidity premium and the interest rate

Interest rate, profit rate and investment

Exogenous interest rate and endogenous credit and money

The horizontalist view

The structuralist view

A reconciliation?

Summary of post-Keynesian monetary analysis

Real and monetary analysis in economic paradigms: summary and implications for the analysis of monetary policy, distribution and capital accumulation

Interest rate, distribution and capital accumulation

post-Keynesian models

Interest rate, distribution and capital accumulation

post-Keynesian models:

Introduction

Post-Keynesian monetary theory and the models of distribution and growth

The model economy

Production, prices, interest, and credit

Endogenous money, credit and finance in a monetary circuit

Interest rate and functional income distribution

The rate of interest in the Kaldor-Robinson-model of distribution and growth

The model

Limitations of the model

The rate of interest in Kaleckian models of distribution and growth

The basic structure: endogenous rate of capacity utilisation, mark-up pricing, and classical saving hypothesis

The choice of the investment function

The rate of interest in the Rowthorn-Dutt-Amadeo-model

The rate of interest in the Bhaduri/Marglin-model

Kaleckian models extended

Extensions

The debt-capital-ratio

Interest rate and the mark-up

Interest rate and saving

The Rowthorn-Dutt-Amadeo-model extended

The basic model

Short-run equilibrium

Long-run equilibrium

Model behaviour in the face of interest rate variations: a simple case

The Bhaduri/Marglin-model extended

The basic model

Short-run equilibrium

Long-run equilibrium

Model behaviour in the face of interest rate variations: a simple case

Interest rate, distribution and accumulation in post-Keynesian models:

Summary and conclusions

Distribution conflict, inflation and monetary policy in a credit economy

Distribution conflict, inflation and monetary policy in a credit economy:

Introduction

A Kaleckian alternative to the new consensus on monetary policy and wage

Bargaining: trying to make sense of the NAIRU

Introduction

The basic model

Employment, wage bargaining and inflation: the GERE and the SIRE

The short-run stability of the NAIRU/the SIRE

No monetary policy intervention

Monetary policy intervention

The long-run endogeneity of the NAIRU/the SIRE

Results and implications for monetary policy and wage bargaining

On the (in-)stability and the endogeneity of the normal rate of capacity

Utilisation in a post-Keynesian/Kaleckian 'monetary' distribution and growth model

Introduction

The basic model

Capacity utilisation, wage bargaining, inflation and monetary policy

Intervention: the GERCU and the SIRCU

Short-run stability of the SIRCU and monetary policy interventions

The long-run endogeneity of the SIRCU

The paradox of thrift and the paradox of costs

The paradox of thrift

The paradox of costs

Conclusions

Summary and conclusions

Notes

References

Index