Shaking the Invisible Hand: Complexity, Endogenous Money and Exogenous Interest Rates

Front Matter....Pages i-xxvi
Front Matter....Pages 1-1
Marshall’s Tides....Pages 3-12
Complexity and Contingency....Pages 13-42
Chaos Theory: Unpredictable Order in Chaos....Pages 43-74
Econometrics, Data Mining, the Absence of a Stable Structure and the Pervasiveness of Contingency....Pages 75-103
The Implications of Complexity for Economic Analysis....Pages 104-127
Front Matter....Pages 128-128
Sorites’ Paradox: the “Looseness” of Economic Concepts....Pages 131-155
Saving is the Accounting Record of Investment....Pages 156-173
Capital Gains: Towards a Hicksian Definition of Income....Pages 174-194
Front Matter....Pages 195-195
The Endogeneity of Credit Money....Pages 197-214
Commercial Bank Intermediation....Pages 215-237
The Exogeneity of Interest Rates....Pages 238-258
Front Matter....Pages 259-259
Markup Pricing and the Aggregate Supply Relationship....Pages 261-280
The “Raffishness” of Mainstream Macroeconomics: a Post Keynesian Critique....Pages 281-302
Interest Rates and Aggregate Demand....Pages 303-330
Monetary Policy: Non-Volitional and Volitional Saving....Pages 331-358
The Monetary Transmission Process....Pages 359-382
Front Matter....Pages 383-383
Using National Currencies in International Trade: The Case for Fixed Exchange Rates....Pages 385-408
Using National Currencies in International Transactions: The Case for Flexible Exchange Rates....Pages 409-432
Using a Common Currency in International Transactions: The Post Keynesian Case for No Exchange Rates....Pages 433-453
Financial Barriers to Demand-led Growth....Pages 454-473
Back Matter....Pages 474-556