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Malcolm Sawyer

The terminology of demand and supply is highly misleading in the context of money and both terms have been applied in quite inappropriate ways. The attention paid to the supply-of-money curve in the horizontalist and structuralist debates has distracted from the analysis of the key elements of endogenous money, including how money is created and destroyed. Furthermore, any observed relationship between interest rates and the volume of loans and of money does not represent a supply-of-loans relationship, and a search for some general relationship between the volume of loans and the rate of interest is misplaced.

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Malcolm Sawyer

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Malcolm Sawyer

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Malcolm Sawyer

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Malcolm Sawyer

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Malcolm Sawyer

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Malcolm Sawyer

This paper locates the endogenous money approach in a circuitist framework. It argues for the significance of the credit creation process for the evolution of the economy and the absence of any notion of ‘neutrality of money’. Clearing banks are distinguished from other financial institutions as the providers of initial finance in a circuit whereas other financial institutions operate in a final finance circuit. Financialization is here viewed in terms of the growth of financial assets and liabilities, of non-bank financial institutions and changes in the predominant flow of funds between firms, households and rentiers. Some of the issues for the way in which the circuit analysis is developed are considered.

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Malcolm Sawyer

The paper focuses on the unemployment crisis within the Economic and Monetary Union, and the future prospects for employment and unemployment within the euro area. It considers the ‘structural reforms’ agenda for labour markets, and argues that, at best, that agenda would be neutral for unemployment. The ‘fiscal compact’, if it is adhered to, will reimpose austerity. The lack of concern over resolving the balance-of-payments imbalances threatens to confine many countries to high levels of unemployment.

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Malcolm Sawyer

Contrasts are drawn between mainstream macroeconomics (with the ›New Consensus in Macroeconomics‹ taken as the current manifestation) and heterodox macroeconomics and their abilities to comprehend the financial crises and world wide recession of 2007 – 09 for macroeconomic paradigms is discussed. Specifically, the contrasting ways in which the two schools of thought treat unemployment, human behaviour, aggregate demand and money and credit are discussed. It is concluded that the events of 2007 – 09 once again cast doubt on the abilities of mainstream macroeconomics to confront the realities of capitalist economies.

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Malcolm Sawyer

The paper argues that macroeconomic analysis has to be based on path dependency which is treated as a broader concept than hysteresis. The ways in which path dependency necessarily arises in the context of the dual role of investment on demand and capacity formation are next considered. The effects of demand on the path of the economy are then considered in respect of the operations of the labour market and then technical change. The relationship between the ›short run‹ and the ›long run‹ in the form of the cycle and trend growth are considered leading simple formulations of aspects of such path dependency to postulate the way to consider the growth process.