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The evolution of monetary institutions and of the theory of money: the value of a monetary theory of production and distribution

In: Central Banking, Monetary Policy and Income Distribution

Author

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  • Michel Betancourt
  • Santiago Capraro
  • Carlo Panico
  • Luis Daniel Torres-González

Abstract

The Chapter examines how the literature has proposed alternative ways to integrate money within the theory of distribution. It presents a historical perspective on this subject by relating the evolution of monetary analyses to that of the credit and financial structures. The Chapter argues that the monetary theories of distribution have always been relevant in this literature. It also points out that at the beginning of the 1970s the state of knowledge on the foundations of the economic discipline would have made it difficult to predict the subsequent spread of consensus on the neoclassical views proposed by the New Macroeconomics. This consensus did not depend on the provision of satisfactory analytical answers to the criticisms raised against them after WW2. Those criticisms were simply ignored.

Suggested Citation

  • Michel Betancourt & Santiago Capraro & Carlo Panico & Luis Daniel Torres-González, 2023. "The evolution of monetary institutions and of the theory of money: the value of a monetary theory of production and distribution," Chapters, in: Sylvio Kappes & Louis-Philippe Rochon & Guillaume Vallet (ed.), Central Banking, Monetary Policy and Income Distribution, chapter 4, pages 81-113, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20016_4
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    Keywords

    Economics and Finance;

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