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Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 4: Credit, Money and Central Banks

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  • Sylvio Kappes
  • Louis-Philippe Rochon

Abstract

This article focuses on an analysis of chapter 4 of Lavoie’s magnus opus, Post-Keynesian Economics: New Foundations. It is the opening chapter of the macroeconomic section of the book. As we argue, following Keynes’s ‘monetary theory of production’, but also in line with Schumpeter, starting the discussion over macroeconomics with money makes sense. It is impossible, in post-Keynesian economics, to discuss the real economy independently of the monetary side of the analysis. In this sense, money and production, and debt, are linked within an endogenous money framework. This article covers and discusses all aspects of this chapter.

Suggested Citation

  • Sylvio Kappes & Louis-Philippe Rochon, 2023. "Post-Keynesian Economics: New Foundations, by Marc Lavoie Chapter 4: Credit, Money and Central Banks," Review of Political Economy, Taylor & Francis Journals, vol. 35(4), pages 1051-1060, October.
    • Handle: RePEc:taf:revpoe:v:35:y:2023:i:4:p:1051-1060
    DOI: 10.1080/09538259.2023.2226606
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