Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of...

In this substantial new collection, esteemed Post-Keynesian scholars reassess the relevance of Keynes’s The General Theory to a broad array of topic areas, ranging from the environment, investment finance, exchange rates, and socialism, as well as inquiries into general Post-Keynesian theory.

Original articles by leading scholars of post Keynesian economics make up this authoritative collection. Current topics of the greatest interest are covered, such as: perspectives on current economic policy; post Keynesian approaches to monetary theory and policy; economic development, growth...

Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state’s power over its currency related to its ability to stabilize prices and employment? Charles Goodhart’s classic paper ‘The Two Concepts of Money:...

In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money. Only recently rediscovered, these articles are reprinted and analyzed here for the first time.

The focus of this paper is John Locke's theoretical defense of economic inequality. It is well known that Locke identified labor as the original and just foundation of property. Succinctly, Locke's was a labor theory of property. Now, while Locke saw private property as legitimate, he proposed...

This paper attempts to specify theoretically the origins of money. Rather than the exchange-based view of neoclassical economists where money is seen as a transaction cost-reducing instrument (and where exchange itself is asserted to be a universal phenomenon), we argue that money is a social...