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Keynes’s liquidity preference and the usury doctrine: their connection and continuing policy relevance

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  • M. G. Hayes

Abstract

The purpose of this paper is to support the spirit of the early medieval prohibition of payment for the use of money, with arguments based on the economics of Keynes. At the heart of the usury doctrine is the idea that a creditor cannot expect both the security of a claim on a fixed sum of money and to derive an income from it; security comes at a price, one way or another. The consequences of the unwillingness of modern society to accept this are illustrated by reference to two problems of the modern international financial and monetary system: bank bailouts and the lack of a supranational reserve currency.

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  • M. G. Hayes, 2017. "Keynes’s liquidity preference and the usury doctrine: their connection and continuing policy relevance," Review of Social Economy, Taylor & Francis Journals, vol. 75(4), pages 400-416, October.
    • Handle: RePEc:taf:rsocec:v:75:y:2017:i:4:p:400-416
    DOI: 10.1080/00346764.2016.1269937
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    1. repec:pke:ecbook:nggt is not listed on IDEAS
    2. M. G. Hayes, 2006. "The Economics of Keynes," Books, Edward Elgar Publishing, number 12601.
    3. John H. Munro, 2011. "Usury, Calvinism, and Credit in Protestant England: from the Sixteenth Century to the Industrial Revolution," Working Papers tecipa-439, University of Toronto, Department of Economics.
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    Cited by:

    1. Constantinos Repapis, 2020. "Book review: Mark G Hayes, John Maynard Keynes: The Art of Choosing the Right Model," The Economic and Labour Relations Review, , vol. 31(3), pages 470-476, September.

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