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The Post-Keynesian Theory of Money
The Post-Keynesian Theory of Money
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
The Post-Keynesian Theory of Money
The Post-Keynesian Theory of Money is a macroeconomic theory that focuses on the role of money in the economy. It is based on the ideas of John Maynard Keynes and his followers, who argued that money is not a neutral medium of exchange but plays an active role in the economy, affecting output, employment, and prices.
According to Post-Keynesian economists, money is endogenous, which means that it is created by the banking system in response to the demand for credit from households and firms. In contrast to the traditional Quantity Theory of Money, which views money as exogenous and assumes a fixed money supply, Post-Keynesians believe that the money supply is determined by the demand for credit and the willingness of banks to lend.
One implication of this view is that changes in the interest rate do not necessarily lead to changes in the money supply. Instead, changes in the money supply are driven by changes in the demand for credit, which in turn are influenced by factors such as expectations, income, and the availability of collateral.
Another key idea in Post-Keynesian Theory is that money is not neutral in its effects on the economy. Instead, changes in the money supply can have real effects on output and employment. For example, an increase in the money supply can stimulate spending and investment, leading to higher output and employment. Conversely, a decrease in the money supply can lead to a contraction in spending and investment, leading to lower output and employment.
In addition to its role in determining output and employment, money also plays a crucial role in determining the price level. Post-Keynesian economists argue that inflation is caused by a combination of cost-push factors, such as changes in wages and input prices, and demand-pull factors, such as changes in spending and investment. Unlike the Monetarist view, which sees inflation as a purely monetary phenomenon caused by excess money creation, Post-Keynesians argue that monetary factors are only one part of the story.
Finally, Post-Keynesian Theory emphasizes the importance of the financial system in the economy. According to this view, the financial system plays a key role in allocating credit and determining the direction of investment. However, the financial system is also subject to instability and crises, as seen in the recent Global Financial Crisis of 2008. Post-Keynesian economists argue that these crises are caused by a combination of factors, including excessive speculation, inadequate regulation, and the tendency of the financial system to create too much debt.
In summary, the Post-Keynesian Theory of Money is a macroeconomic theory that emphasizes the active role of money in the economy. It argues that money is endogenous, created by the banking system in response to the demand for credit, and that changes in the money supply can have real effects on output, employment, and prices. Additionally, the theory emphasizes the importance of the financial system in the economy and the potential for instability and crises in the financial system.
The Post-Keynesian Theory of Money
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QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. 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