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Joan Robinson and Keynes: finance, relative prices and the monetary circuit

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  • Claude Gnos

    (LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

  • Louis-Philippe Rochon

Abstract

Joan Robinson's views on credit and money are discussed only rarely. Of late, however, some Post-Keynesians have sought to revive these views, claiming that Robinson was one of the original contributors to the theory of endogenous money, post Keynes. This paper has two objectives. First, it seeks to develop Robinson's views on credit, money and finance and to show that not only did she have a clear understanding of the theory of endogenous money, but that she also held views akin to the theory of the monetary circuit. Second, the paper addresses Robinson's dismissal of the problem of relative prices and the conventional theory of value. Once again, it shows that Robinson's position is connected closely with the model of the monetary circuit as a basis of her theory of accumulation.
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Suggested Citation

  • Claude Gnos & Louis-Philippe Rochon, 2003. "Joan Robinson and Keynes: finance, relative prices and the monetary circuit," Post-Print halshs-00270133, HAL.
    • Handle: RePEc:hal:journl:halshs-00270133
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    1. Edward J. Nell & Willi Semmler (ed.), 1991. "Nicholas Kaldor and Mainstream Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-10947-0.
    2. Dudley Dillard, 1989. "The Paradox of Money in the Economics of Joan Robinson," Palgrave Macmillan Books, in: George R. Feiwel (ed.), The Economics of Imperfect Competition and Employment, chapter 21, pages 599-612, Palgrave Macmillan.
    3. Louis-Philippe Rochon, 2001. "Cambridge's Contribution to Endogenous Money: Robinson and Kahn on credit and money," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 287-307.
    4. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    5. Claude Gnos, 2004. "Is ex-ante ex-post analysis irrelevant to Keynes's theory of employment?," Review of Political Economy, Taylor & Francis Journals, vol. 16(3), pages 335-345.
    6. Lavoie, Marc, 1999. "The Credit-Led Supply of Deposits and the Demand for Money: Kaldor's Reflux Mechanism as Previously Endorsed by Joan Robinson," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 23(1), pages 103-113, January.
    7. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
    8. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.
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    Cited by:

    1. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 109970, University Library of Munich, Germany.
    2. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 110460, University Library of Munich, Germany.
    3. Dilip M. Nachane, 2018. "The Global Crisis According to Post-Keynesians," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 205-220, Springer.
    4. Claude Gnos, 2013. "A historical perspective on the theory of the monetary circuit: from Schumpeter to Parguez," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Monetary Economies of Production, chapter 3, pages 23-32, Edward Elgar Publishing.
    5. Louis-Philippe Rochon & Sergio Rossi, 2013. "Endogenous money: the evolutionary versus revolutionary views," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 210-229, January.

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    Keywords

    post-keynesian economics; monetary circuit;

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