IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/21764_3.html
   My bibliography  Save this book chapter

The principle of effective demand, money, credit and finance: Marx, Kalecki, Keynes and the monetary circuit school

In: Macroeconomics after Kalecki and Keynes

Author

Listed:
  • .

Abstract

Chapter 3 addresses the roots of post-Keynesian macroeconomics in the works of Kalecki and Keynes in more detail, focussing on the principle of effective demand, money, credit and finance. Applying Schumpeter's (1954) distinction between 'monetary analysis' and 'real analysis', not only Kalecki's and Keynes's theories have to be considered as 'monetary analysis', but also Marx's. Furthermore, Kalecki was considerably influenced by Marx's approach to effective demand and capital accumulation. That is the reason why also Marx's views on money, effective demand and capital accumulation are presented in this chapter. Finally, since there has been some confusion, partly also in post-Keynesian economics, about the relationship between endogenous credit, finance, investment and saving, the monetary circuit approach is presented in the last part of Chapter 3, in order to shed some clarifying light on these relationships.

Suggested Citation

  • ., 2023. "The principle of effective demand, money, credit and finance: Marx, Kalecki, Keynes and the monetary circuit school," Chapters, in: Macroeconomics after Kalecki and Keynes, chapter 3, pages 28-62, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21764_3
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781803927282.00008.xml
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:21764_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.