Contemporary Post Keynesian Analysis: Keyensian Analysis by L. Randall Wray, Mathew Forstater, INTERNATIONAL POST

By L. Randall Wray, Mathew Forstater, INTERNATIONAL POST KEYNESIAN WORKSHOP 20

Unique articles by way of top students of publish Keynesian economics make up this authoritative assortment. present themes of the best curiosity are lined, akin to: views on present monetary coverage; publish Keynesian methods to financial concept and coverage; fiscal improvement, progress and inflation; Kaleckian views on distribution; financial method; and historical past of heterodox fiscal concept. The members discover quite a few triumphing matters together with: salary bargaining and fiscal coverage within the EMU; the which means of cash within the web age; balance stipulations for small open economies; and monetary rules of sustainable improvement in international locations transitioning to a industry economic system. different enduring issues are tested in the course of the lens of monetary theorists - Kaleckian dynamics and evolutionary existence cycles; a comparability among Keynes's and Hayek's monetary theories; and an research of the facility of the enterprise in keeping with the paintings of Joan Robinson, to call a number of. scholars and students of put up Keynesian economics and people with an curiosity in different heterodox colleges of inspiration will locate this enlightening quantity a worthwhile addition to their studying.

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The question then becomes: where does money come from and how is it created? Since the objective of this chapter is to study the relationship between private wealth and public debt, it seems appropriate to answer the question by looking at the creation of money in both the private and the public sectors. In modern capitalist economies, money is created ex nihilo via bank credit advances to entrepreneurs who hire labourers in order to produce goods and services for households, as well as capital equipment for inter-firms exchanges.

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For this reason, taxes in general, and the inheritance tax in particular, can only redistribute wealth in the case referred to above and if a progressive taxation system is used to prevent the rich from accumulating so much wealth while at the same time allowing the less wealthy or the poor to accumulate more, so that over time we may achieve a more equal distribution of wealth in society (see the third section below). If it is generally accepted that societies should seek a democratic governance, not everyone agrees that ‘equal opportunities’ in the economic realm is a good thing.

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