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The nature of money under a commodity standard: exogenous or endogenous?

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  • Germán David Feldman

Abstract

The aim of the present article is to discuss the nature of money under a commodity standard. The notion of money supply endogeneity, endorsed by Post-Keynesian (PK) scholars within the institutional framework of modern credit economies, is extended to the case of a gold standard regime by recourse to the view of early classical economists, which highlights the endogenous determination of the supply of precious metals in a long-period position. This interpretation represents a more robust and natural extension of the PK approach than the neoclassical quantity-theoretic framework employed by several PK scholars to give account of the normal working of this monetary system.

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  • Germán David Feldman, 2023. "The nature of money under a commodity standard: exogenous or endogenous?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 46(2), pages 207-218, April.
    • Handle: RePEc:mes:postke:v:46:y:2023:i:2:p:207-218
    DOI: 10.1080/01603477.2022.2134031
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