Money in Motion

1. Front Matter

   Pages i-xiii

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2. Introduction: Monetary Circulation and Effective Demand

   1. Front Matter

      Pages 1-1

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   2. Introduction: Monetary Circulation and Effective Demand

      • Ghislain Deleplace, Edward J. Nell

      Pages 3-41

3. Basic Theoretical Approaches

   1. Front Matter

      Pages 43-43

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   2. Post Keynesian Theory

      1. What are the Essential Elements of Post Keynesian Monetary Theory?

         • Paul Davidson

         Pages 48-69

      2. The Essential Characteristics of Post Keynesian Economics

         • Hyman P. Minsky

         Pages 70-88

      3. The Money Supply Process: A Historical Reinterpretation

         • Basil J. Moore

         Pages 89-101

   3. Circulation Views

      1. A New Paradigm for the Determination of Money Prices

         • Bernard Schmitt

         Pages 104-138

      2. Money as Purchasing Power and Money as a Stock of Wealth in Keynesian Economic Thought

         • Augusto Graziani

         Pages 139-154

      3. Beyond Scarcity: A Reappraisal of the Theory of the Monetary Circuit

         • Alain Parguez

         Pages 155-199

      4. Payment Systems and Dynamics in a Monetary Economy

         • Jean Cartelier

         Pages 200-237

4. The Two Traditions: Commentary and History

   1. Front Matter

      Pages 239-239

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   2. Searching for the Roots of Circulation Theory

      1. The Circuit of Money in a Production Economy

         • Edward J. Nell

         Pages 245-304

      2. Does Circulation Need a Monetary Standard?

         • Ghislain Deleplace

         Pages 305-329

      3. The Relevance to Modern Economics of the Banking School View

         • Perry Mehrling

         Pages 330-340

      4. The National Economy Studied as a Whole: Aspects of Circular Flow Analysis in the German Language

         • Bernard Schmitt, Spartaco Greppi

         Pages 341-364

   3. Confronting the Mainstream

      1. The Ambiguity of the Notion of General Equilibrium with a Zero-Price for Money

         • Carlo Benetti

         Pages 366-376

      2. Basic Choices in Keynesian Models of Credit

         • Gary A. Dymski

         Pages 377-398

   4. Comparing Post Keynesian and Circulation Approaches

      1. Post Keynesian Fundism and Monetary Circulation

         • Mario Seccareccia

         Pages 400-416

      2. Investment Decisions in Circuit and Post Keynesian Approaches: A Comparison

         • Richard Arena

         Pages 417-433

In analyzing money, contemporary economics has focused its attention on money's function as a store of value, neglecting its role as medium of circulation. When circulation is put center stage, it becomes apparent that the supply of money does indeed adapt to the needs of trade - and does so in many different ways, often ways that are difficult for a central bank to control, because they reflect the responses of banks and other financial institutions to market incentives. But money's role in circulation must be coordinated with its store of value function, and both with finance. Failure here can lead to instability. The essays in this volume by internationally renowned economists cover these issues in original and contrasting analyses, presenting the American post-Keynesian perspective, on the one hand, and the point of view of the French Circulation School, on the other.

• economic policy
• Keynes
• macroeconomics
• monetary policy
• money
• production

• University of Paris 8, Saint-Denis, France

  Ghislain Deleplace

• Graduate Faculty, New School for Social Research, New York, USA

  Edward J. Nell

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