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Monetary Circuit Theory
Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school. It holds that money is created endogenously by the banking sector, rather than exogenously by central bank lending; it is a theory of endogenous money. It is also called circuitism and the circulation approach. Contrast with mainstream theory The key distinction from mainstream economic theories of money creation is that circuitism holds that money is created endogenously by the banking sector, rather than exogenously by the government through central bank lending: that is, the economy creates money itself (endogenously), rather than money being provided by some outside agent (exogenously). These theoretical differences lead to a number of different consequences and policy prescriptions; circuitism rejects, among other things, the money multiplier based on reserve requirements, arguing that money is created by banks lending, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65 Abstract. These include institutional, evolutionary, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Austrian, complexity, Marxian, socialist, and anarchist economics. Economics may be called ''orthodox'' or ''conventional'' economics by its critics.C. Barry, 1998. ''Political-economy: A comparative approach''. Westport, CT: Praeger. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". A 2008 review documented several prominent groups of heterodox economists since at least the 1990s as working together with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally authorized by government regulation. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative money, which is money that has intrinsic value because it is backed by and can be converted in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian Economics
Post-Keynesian economics is a school of economic thought with its origins in ''The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Alfred Eichner, Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keyne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox * * * * * * macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.Warren MoslerME/MMT: The Currency as a Public MonopolyTymoigne, Éric; Wray, L. Randall (November 2013)"Modern Money Theory 101: A Reply to Critics" Levy Economics Institute of Bard College. Working Paper No. 778. MMT is opposed to the mainstream understanding of macroeconomic theory and has been criticized heavily by many mainstream economists. MMT says that governments create new money by using fiscal policy and that the primary risk once the economy reaches full employment is inflation, which can be addressed by gathering taxes to reduce the spending capacity of the private sector. MMT is debated with active dialogues about its theoretical integrity, the implications o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marc Lavoie
Marc Lavoie (born 1954)Marc Lavoie profile at the Canadian Olympic Committee website is a Canadian professor in economics at the University of Ottawa and a former Olympic Games, Olympic fencing athlete. Academic career Born in Ottawa, Ontario, Canada, Marc Lavoie is a professor in the Department of Economics at the University of Ottawa, where he started teaching in 1979. He got his doctorate from the University of Paris-1. Besides having published nearly two hundred articles in Peer review, refereed journals, he has written a number of books, among which are ''Post-Keynesian Economics: New Foundations'' (2014), ''Introduction to Post-Keynesian Economics'' (2006), translated into four languages, ''Foundations of Post-Keynesian economics, Post-Keynesian Economic Analysis'' (1992), as well as ''Monetary Economics: An ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Riccardo Realfonzo
Riccardo Realfonzo (born 29 July 1964) is a well-known Post-Keynesian economics, post-Keynesian economist. He is full professor at the University of Sannio (Italy) where in the late 2000s directed the economic department. Realfonzo was a member of the scientific committee of "Industria 2015" (2006–2007). After that he was two times the councilman for economic affairs of the city of Naples. Realfonzo studied mainly at the University of Naples (with Augusto Graziani), at the University of Florence and at the University of Cambridge. Among his publications are ''Money and Banking'' (Elgar 1998) and several papers in international journals and books; among other things he edited, with G. Fontana, ''The Monetary Theory of Production. Tradition and Perspectives'' (Macmillan, 2005). He is the editor of the magazine on line Economia e Politica. In 2010 he was the promoter of the ” against the austerity in Europe, a manifesto signed by more than 300 scholars. He is an editorialis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alain Parguez
Alain may refer to: People * Alain (given name), common given name, including list of persons and fictional characters with the name * Alain (surname) * "Alain", a pseudonym for cartoonist Daniel Brustlein * Alain, a standard author abbreviation used to indicate Henri Alain Liogier, also known as Brother Alain, as the author when citing a botanical name * Émile Chartier (1868–1951), French philosopher and antimilitarist commonly known as Alain Places * Alain, Iran, a village in Tehran Province, Iran * Al Ain, a city in Abu Dhabi, United Arab Emirates ** Al Ain International Airport in the United Arab Emirates * Val-Alain, Quebec, village of 950 people in Quebec, Canada Other uses * 1969 Alain (1935 CG), a Main-belt Asteroid discovered in 1935 * ''Alain'' (crab), a genus of crabs in the family Pinnotheridae * Prix Alain-Grandbois or Alain Grandbois Prize is awarded each year to an author for a book of poetry * Rosa 'Alain', popular red floribunda rose variety See als ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kreislauf
Kreislauf is a German netlabel and radio show focusing on quality electronic dance music and ambient music in many flavours (house, techno, breakbeat Breakbeat is a broad type of electronic music that tends to use drum breaks sampled from early recordings of funk, jazz, and R&B. Breakbeats have been used in styles such as hip hop, jungle, drum and bass, big beat, breakbeat hardcore, and UK ..., etc.). History Kreislauf recommend and publish electronic music beyond commerce and drawers. The project was founded by Andreas Buttweiler and Thomas Hentrich in 1997 as an Ambient-Club in Mannheim/Germany. In the year 2000 they started their weekly radio-show "Kreislauf. FM" at the free radio-stadion Bermudafunk in Mannheim and Heidelberg, and since 2004 also at Tide 96.0 in Hamburg. The Label-Section was founded in 2001 by Dirk Hartmann (label-owner of Hörzu!) and Andreas Buttweiler, and become a netlabel in 2006. Kreislauf 016 was not released. Artists Releases ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Johannsen
Nicholas August Ludwig Jacob Johansen (1844–1928) was a German-American amateur economist, today best known for his influence on and citation by John Maynard Keynes. He wrote under two pen names: A. Merwin and J. J. O. Lahn. Influence He was largely unrecognized in his lifetime, but following the Keynesian Revolution, he was recognized as one of the most significant influences on ''The General Theory,'' and he is cited in Keynes's 1930 ''Treatise on Money'' (p. 90). He is credited with devising an early form of effective demand, independent discovery of the multiplier, and less recognized contribution to monetary economics and business cycle theory; . His 1903 ''Der Kreislauf des Geldes und Mechanismus des Sozial-Lebens'' (''The Circuit Theory of Money,'' written in German) can be seen as an early work in monetary circuit theory. Crucially, he distinguished the roles of ''savings'' and ''investment'' – since only investment is directly productive, savings may be ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Augusto Graziani
Augusto Graziani (4 May 1933 – 5 January 2014) retrieved 6th Jan 2013 was an Italian , Professor in at , most known for his contribution to in founding |
Richard Werner
Richard Andreas Werner (born 5 January 1967) is a German banking and development economist who is a university professor at De Montfort University. He has proposed the "Quantity Theory of Credit", or "Quantity Theory of Disaggregated Credit", which disaggregates credit creation used for the real economy (GDP transactions) on the one hand, and financial transactions on the other hand. In 1995, he proposed a new monetary policy to swiftly deal with banking crises, which he called 'Quantitative Easing', published in the Nikkei. He also first used the expression "QE2" in public, referring to the need to implement 'true quantitative easing' as an expansion in credit creation. His 2001 book ' Princes of the Yen' was a number one general bestseller in Japan. In 2014 he published the first empirical evidence that each bank creates credit when it issues a new loan. Early life In 1989, Werner earned a BSc in economics at the London School of Economics (LSE). During his postgraduate studies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pushing On A String
Pushing on a string is a figure of speech for influence that is more effective in moving things in one direction than another – you can ''pull,'' but not ''push.'' If something is connected to someone by a string, they can move it toward themselves by pulling on the string, but they cannot move it away from themselves by pushing on the string. It is often used in the context of economic policy, specifically the view that " Monetary policy sasymmetric; it being easier to stop an expansion than to end a severe contraction."Sandilans, Roger G. (2001), "The New Deal and 'domesticated' Keynesianism in America, in p. 231./ref> History According to Roger G. Sandilans and John Harold Woodp. 231 it cites U. S. Congress House Banking Currency Committee, Hearings, ''Hearings, Banking Act of 1935,'' March 18, 1935, p. 377. the phrase was introduced by Congressman T. Alan Goldsborough in 1935, supporting Federal Reserve chairman Marriner Eccles in Congressional hearings on the Banking A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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