You are looking at 1 - 10 of 281 items

  • Author or Editor: Louis-Philippe Rochon x
Clear All Modify Search
You do not have access to this content

Louis-Philippe Rochon

You do not have access to this content

Louis-Philippe Rochon

You do not have access to this content

Louis-Philippe Rochon

This chapter focuses on money and banking in the history of economic thought, to show that the nature of money and the role of banks have been essentially misunderstood in a number of strands of thought. This has led to a variety of monetary policy interventions, both in economic history and at the time of writing, that were not (and could not be) up to the task. The conclusion asserts that it is essential that the properties of money and banking are understood by teachers and researchers, as well as policy makers in the economic domain.

You do not have access to this content

Louis- Philippe Rochon

Mainstream monetary theory rests on two arguments: inflation is determined by demand, and interest rates are used to return inflation to its target: central banks are the guardians of inflation. However, for post-Keynesians, inflation cannot be caused by demand, and there exists a poor and unreliable relationship between interest rates and aggregate demand. The whole theoretical edifice of the neoclassical approach collapses. Therefore, if monetary policy is based on a wrong interpretation of inflation and the link between aggregate demand and interest rates, the result can be and has been catastrophic. It leads to periods of crisis in aggregate demand.

This content is available to you

Interview with Edward J. Nell

‘A great deal of neoclassical theory is set in cloud-cuckoo-land’

Louis-Philippe Rochon

You do not have access to this content

Louis-Philippe Rochon

You do not have access to this content

Louis-Philippe Rochon and Sergio Rossi

This research review offers an examination and discussion of the seminal contributions by many prominent scholars in the heterodox tradition of post-Keynesian economic thought. The authors explore methodological issues – showing the contrast with orthodox thinking on fundamental grounds, concepts such as credit, money and production – which are crucial to understanding the working of our economic systems, as well as several interrelated macroeconomic issues including employment, distribution, growth, development, asset bubbles, and financial crises. The review provides a unique opportunity to appraise and appreciate the depth and variety of post-Keynesian economics at both theoretical and policy-oriented level.
This content is available to you

Louis-Philippe Rochon and Sergio Rossi

You do not have access to this content

Louis-Philippe Rochon and Sergio Rossi

You do not have access to this content

Louis-Philippe Rochon and Sergio Rossi