Monograph Chapter
In Complexity, Endogenous Money and Macroeconomic Theory
Edited by Mark Setterfield
- Published in print:
- 27 Sep 2006
Monograph Chapter
In The Global Financial Crisis
Edited by Steven Kates
- Published in print:
- 30 Sep 2011
Monograph Chapter
In Frontiers of Evolutionary Economics
Edited by John Foster and J. Stanley Metcalfe
- Published in print:
- 27 Jun 2001
Monograph Chapter
In Financial Keynesianism and Market Instability
Edited by Riccardo Bellofiore and Piero Ferri
- Published in print:
- 26 Jan 2001
Reference Entry
In The Elgar Companion to Post Keynesian Economics
Edited by J. E. King
- Published in print:
- 29 Jul 2003
Monograph Chapter
In Keynes and Macroeconomics After 70 Years
Edited by L. Randall Wray and Matthew Forstater
- Published in print:
- 28 Dec 2008
Monograph Chapter
In Macroeconomic Theory and its Failings
Edited by Steven Kates
- Published in print:
- 26 Feb 2010
Steve Keen
A new virus, known as ‘Reality’, has started to afflict Mainstream Economists, causing them to reject the ‘as if’ arguments they used to use to justify their models. There is no known cure for the virus, and complete avoidance of ‘Reality’ is the only effective strategy to prevent infection.
Steve Keen
Endogenous money is a core component of post-Keynesian economics, but it has not been fully integrated into its macroeconomics. To do so requires replacing the accounting truism that ex post expenditure equals ex post income with the endogenous money insight that ex post expenditure equals ex ante income plus the ex post turnover of new debt. This paper derives this result after exploring precedents to this concept in the work of Schumpeter, Minsky, Keynes and Pigou.