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Extra info for Money, Distribution Conflict and Capital Accumulation: Contributions to ‘Monetary Analysis’

Sample text

Thus, the human propensity to use some portion of current wealth to purchase (and maintain) liquidity (idle balances for precautionary and speculative purposes) instead of committing income completely to the purchase of currently producible goods and services, reflects a sensible behaviour by decision makers (in a nonergodic world); a behaviour which negates Say’s law. (Davidson 1988, p. 333, italics in the original) The liquidity premium of holding money generates the rate of interest as the price for parting with money.

Capitalists need access to money in order to get the process of reproduction started. In the schemes of reproduction a detailed treatment of related monetary flows can be found. Marx (1885, pp. 329–54, 415–26) shows that already for simple reproduction the circulation of commodities requires money advances by capitalists. After a given period of production capitalists enter circulation with the produced commodities and with an amount of money necessary for circulation. He advances to himself (immaterial whether out of his own pocket or by means of credit from the pocket of somebody else) money in 22 Real and Monetary Analysis in Economic Paradigms anticipation of surplus value still to be snatched by him; but in doing so he also advances a circulating medium for the realisation of surplus value to be realised later.

Therefore, in a continuously expanding economy commercial banks have to increase credit, otherwise increasing interest rates will abort investment and economic expansion. There has been renewed discussion on the status of the finance demand for money in Keynes’s monetary theory, on the relation between finance and saving, and on the required amount of finance to be generated by banks until recently in Post-Keynesian and Monetary Circuit theory. 2 The development of the Post-Keynesian research programme The reintegration of Keynes’s deviation into the orthodoxy was rejected by Keynes’s close collaborators and pupils right from the beginning, in particular by Richard Kahn, Nicholas Kaldor and Joan Robinson.

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