A pure credit money economy: A simple steady-state model

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Abstract

The paper presents a model of a simplified pure credit money economy, in the setting of the steady-state growth. Despite obvious limitations coming from drastic simplifications, the resulting simplicity brings into sharp relief some important points related to the endogeneity of money. Arguments are presented in the framework of the Cambridge-type model; in particular, by way of the discussion of the existence of one or more social classes, we support the proposition that money is essential for the continued existence of the economy.

Original languageEnglish
Pages (from-to)141-161
Number of pages21
JournalJournal of Post Keynesian Economics
Volume27
Issue number1
Publication statusPublished - 2004 Sep 1

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Keywords

  • Cambridge theory of growth
  • Pure credit money economy

ASJC Scopus subject areas

  • Economics and Econometrics

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