By Paul Davidson
ISBN-10: 0230378099
ISBN-13: 9780230378094
ISBN-10: 0333521536
ISBN-13: 9780333521533
ISBN-10: 0333521544
ISBN-13: 9780333521540
This revised version updates the post-Keynesian research of the sooner version through delivering a better emphasis on capital hobbies, the advance of nearby universal markets and the worldwide debt and funds difficulties spawned within the Nineteen Eighties. It explains why orthodox fiscal regulations have frequently didn't in achieving their targets and in the event that they paintings they achieve this merely through causing unnecessarily excessive charges on society. The civilized rules constructed during this quantity, however, can in achieving society's pursuits whereas bettering the numerous merits of an entrepreneurial economy.
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Additional info for International Money and the Real World
Example text
18 In an entrepreneur economy there is no automatic mechanism which guarantees that all the money paid out to inputs in the production process will be spent on the products of industry. As Keynes pointed out 'it is obvious on these definitions that it is in an entrepreneur economy that we actually live to-day'. 19 In our entrepreneur economy, market-oriented managers of business firms organise the production process on a forward-money contract basis. They hire inputs and purchase raw materials for the production process by entering into contractual agreements to pay money sums for delivery of specific materials and services at exact future dates.
In other words, the income which a household or a firm obtains in a monetary economy comes primarily from the money payments which are made to it by the discharge of a buyer's contractual commitment to either hire inputs for the production process or to buy the products of firms. These contractual money payments 21 give the recipient claims on the products of industry. In line with our previous discussion of Keynes's taxonomy, consumption expenditure is defined as spending by households of a portion of these monetary claims on the current flow of products (or resources) of industry.
37 Elsewhere, 38 I have elaborated in detail how the Post Keynesian approach can resolve the problems of inflation and unemployment by analysing the importance of the institution of markets involving money and contracts in a closed economic system moving from an immutable past to an unpredictable future. d 9 If the word 'necessarily' is inserted before the word 'exist' and the words 'real world' before 'long run', then I believe the amended statement is a reasonable representation of my position (and it is supported by the above quotation from Arrow and Hahn).
International Money and the Real World by Paul Davidson
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