Full Description
This book provides a comprehensive re-working of the basic principles of monetary macroeconomics in an alternative monetary model (AMM) of economic growth, the business cycle, inflation and income distribution. These principles differ considerably from those advanced in the standard macroeconomics literature and in textbooks. However, the latter have been demonstrably unsuccessful in the promotion of usable macroeconomic policy advice for the past several years, actually decades. A different approach is needed. In particular, the new approach takes seriously the vital role of credit creation and endogenous money in capitalism. It does not imagine that all of the difficult questions of economic policy-making may be resolved within a paradigm that conceptualizes economic activity as merely a question of barter exchange. The result is a blueprint for a set of growth-friendly macroeconomic policies which will promote full employment, financial stability and higher real wages - essentially for the benefit of the long-suffering middle and working classes rather for the chamber of commerce and financial interests.
Contents
1. Methodological Problems in Monetary Macroeconomics
2. The Basic Principles of Monetary Macroeconomics in an Alternative Monetary Model
3. The Role of Money and Banking in Capitalism
4. The Mystery of Profit and the Enigma of Value
5. Interest Rates, Liquidity Preference, and Endogenous Money
6. Interest, Profit and Wages
7. Alternative Approaches to the Theory of Economic Growth
8. Alternative Views on Inflation
9. The Balance of Payments and Exchange Rates
10. A Realist Approach to International Currency and Finance
11. Towards a Philosophy of Money and Finance?
