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.
|Number of pages||21|
|Journal||Journal of Post Keynesian Economics|
|Publication status||Published - 2004 Sep 1|
- Cambridge theory of growth
- Pure credit money economy
ASJC Scopus subject areas
- Economics and Econometrics