Foreword / by Philip Arestis -- Acknowledgements -- List of figures and tables -- List of variables -- Introduction -- Real and monetary analysis in economic paradigms -- Real and monetary analysis in economic paradigms: introduction -- Real analysis in classical, neoclassical, neoclassical synthesis, monetarist -- New classical, new Keynesian, and new consensus theories -- Monetary analysis in classical economics: banking school and neo-Ricardian monetary theory of distribution -- Monetary analysis in Marx's economics -- Marx's 'monetary theory of value' -- The level of prices, the rejection of Say's Law and the endogeneity of money -- Credit, rate of interest and rate of profit -- Implications of Marx's monetary analysis for the theory of accumulation and crisis -- Keynes's 'monetary theory of production' and the post-Keynesian research programme -- Keynes's 'monetary theory of production' -- The development of the post-Keynesian research programme -- Fundamental uncertainty, liquidity premium and the interest rate -- Interest rate, profit rate and investment -- Exogenous interest rate and endogenous credit and money -- The horizontalist view -- The structuralist view -- A reconciliation? -- Summary of post-Keynesian monetary analysis -- Real and monetary analysis in economic paradigms: summary and implications for the analysis of monetary policy, distribution and capital accumulation -- Interest rate, distribution and capital accumulation - post-Keynesian models -- Interest rate, distribution and capital accumulation - post-Keynesian models: -- Introduction -- Post-Keynesian monetary theory and the models of distribution and growth -- The model economy -- Production, prices, interest, and credit -- Endogenous money, credit and finance in a monetary circuit -- Interest rate and functional income distribution -- The rate of interest in the Kaldor-Robinson-model of distribution and growth -- The model -- Limitations of the model -- The rate of interest in Kaleckian models of distribution and growth -- The basic structure: endogenous rate of capacity utilisation, mark-up pricing, and classical saving hypothesis -- The choice of the investment function -- The rate of interest in the Rowthorn-Dutt-Amadeo-model -- The rate of interest in the Bhaduri/Marglin-model -- Kaleckian models extended -- Extensions -- The debt-capital-ratio -- Interest rate and the mark-up -- Interest rate and saving -- The Rowthorn-Dutt-Amadeo-model extended -- The basic model -- Short-run equilibrium -- Long-run equilibrium -- Model behaviour in the face of interest rate variations: a simple case -- The Bhaduri/Marglin-model extended -- The basic model -- Short-run equilibrium -- Long-run equilibrium -- Model behaviour in the face of interest rate variations: a simple case -- Interest rate, distribution and accumulation in post-Keynesian models: -- Summary and conclusions -- Distribution conflict, inflation and monetary policy in a credit economy -- Distribution conflict, inflation and monetary policy in a credit economy: -- Introduction -- A Kaleckian alternative to the new consensus on monetary policy and wage -- Bargaining: trying to make sense of the NAIRU -- Introduction -- The basic model -- Employment, wage bargaining and inflation: the GERE and the SIRE -- The short-run stability of the NAIRU/the SIRE -- No monetary policy intervention -- Monetary policy intervention -- The long-run endogeneity of the NAIRU/the SIRE -- Results and implications for monetary policy and wage bargaining -- On the (in-)stability and the endogeneity of the normal rate of capacity -- Utilisation in a post-Keynesian/Kaleckian 'monetary' distribution and growth model -- Introduction -- The basic model -- Capacity utilisation, wage bargaining, inflation and monetary policy -- Intervention: the GERCU and the SIRCU -- Short-run stability of the SIRCU and monetary policy interventions -- The long-run endogeneity of the SIRCU -- The paradox of thrift and the paradox of costs -- The paradox of thrift -- The paradox of costs -- Conclusions -- Summary and conclusions -- Notes -- References -- Index
