implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its … money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create … their money out of nothing. Creating such a monetary system is functional for a capitalist economy and must be regarded as a …

We model entrepreneurial finance using a combination of fiat money, traditional bank loans, and home equity loans. The …

This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations …

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of …

In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in … which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production …. I then focus in more detail on two main categories: the orthodox approach that views money as an efficiency …

can deny in the aftermath of the economy's collapse. While orthodox approaches lead to the conclusion that money and … basis for developing an approach that puts money and finance front and center. Including the theory of social costs also …