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Money and crisis

In: Crisis and the Failure of Economic Theory

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Abstract

This chapter shows that Keynes’s monetary economy and Schumpeter’s capitalist economy are not stable structures converging towards a full employment equilibrium but systems that are characterized by an evolutionary process marked by phases in which capitalism takes different forms. The crisis thus represents an expression of the fragility of a specific form of capitalism and a sign of transition from one form of capitalism to another. The monetary theory of production presented in this chapter is based on two points. First, it underlines the monetary nature of the Keynesian principle of effective demand. Second, it shows, following Kalecki and Minsky, that there are no measures that can truly drive a monetary economy towards a permanent state of full employment.

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  • ., 2017. "Money and crisis," Chapters, in: Crisis and the Failure of Economic Theory, chapter 7, pages 109-136, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16985_7
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    Keywords

    Economics and Finance;

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