Book review

This widely acclaimed book argues that money is not the product of a simple deposit multiplier process. The impressive analysis includes discussions of the origins and nature of money and of the evolution of monetary institutions and theory. Unlike other recent works on `endogenous money', this book incorporates liquidity preference theory within the analysis by carefully distinguishing money from liquidity and by showing how money, but not liquidity, is created on demand. This naturally leads to a role for liquidity preference in the determination of interest rates. Extensions then link money to financial instability, the expenditure multiplier, credit, saving, investment, development, deficits and growth. This controversial and provocative book will be essential reading for all economists and researchers concerned with monetary and macroeconomics. It will have particular appeal to post Keynesian economists.

Money And Credit In Capitalist Economies: The Endogenous Money Approach by L. Randall Wray

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Author
L. Randall Wray
Publisher
Date of release
Pages
0
ISBN
9781852783563
Binding
Illustrations
Format for Download
PDF, EPUB, MOBI, TXT, DOC
Rating
5
45

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