Description
Book SynopsisDuring a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the 'horizontalist' analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore's interests in and contributions to monetary and macroeconomic theory.
Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary-production economy.
The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics - especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
Trade Review'That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore's influence and contributions over his working life.' -- From the foreword by G.C. Harcourt, University of New South Wales, Australia
Table of ContentsContents: Foreword by G.C. Harcourt Preface A Tribute to Basil J. Moore and an Introduction to Complexity, Endogenous Money and Macroeconomic Theory Mark Setterfield PART I: ECONOMIC CONCEPTS, TOOLS, AND METHODOLOGY 1. Accounting Identities: More Than Just Bookkeeping Conventions Claude Gnos 2. The Need and Some Methods for Dynamic Modelling in Post Keynesian Economics Steve Keen PART II: COMPLEXITY, UNCERTAINTY AND PATH DEPENDENCE 3. The Complex Problem of Modelling Economic Complexity Richard Day 4. Complex Dynamics and Post Keynesian Economics J. Barkley Rosser, Jr. 5. Corridor of Viability: Complexity Analysis for Enterprise and Investment Jerry Courvisanos and Colin Richardson 6. Effective Demand and Endogenous Money in a Path-Dependent Economy: Towards a ‘Moorian’ Credit Supply Curve – and a Reconciliation between Horizontalists and Structuralists? Mark Setterfield PART III: THE MACROECONOMICS OF ENDOGENOUS MONEY 7. Exogenous versus Endogenous Money: The Conceptual Foundations Paul Davidson 8. The Endogeneity of Money and the Eurosystem: A Contribution to the Theory of Central Banking Otto Steiger 9. Endogenous Money, Central Banks and the Banking System: Basil Moore and the Supply of Credit Louis-Philippe Rochon 10. The Demand for Endogenous Money: A Lesson in Institutional Change Peter Howells 11. Tax-driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy Mathew Forstater 12. Monetary Policy when Money is Endogenous Philip Arestis and Malcolm Sawyer 13. ICT, Financial Innovation and Monetary Policy: Some Critical Considerations Claudio Sardoni 14. Features of a Realistic Banking System within a Post-Keynesian Stock-flow Consistent Model Marc Lavoie and Wynne Godley PART IV: THE MACROECONOMICS OF EXOGENOUS INTEREST RATES 15. When are Interest Rates Exogenous? L. Randall Wray 16. Exogenous Interest Rates and Modern Monetary Theory and Policy: Moore in Perspective Colin Rogers 17. Gradualism in the Adjustment of Official Interest Rates: Some Partial Explanations Charles Goodhart PART V: UNEMPLOYMENT, INFLATION AND THE DETERMINATION OF AGGREGATE INCOME 18. Limitations to Keynesian Demand Management through Monetary Policy: Whither Cartesian Policy Control? Arne Heise 19. Telling Better Stories in Macroeconomic Textbooks: Monetary Policy, Endogenous Money and Aggregate Demand Giuseppe Fontana 20. Institutionalist-Post Keynesian Economics and the Post Monetarist New Consensus Chris Niggle 21. A Future for Keynesian Macroeconomics Wendy Cornwall and John Cornwall Selected Works by Basil J. Moore Index
