Edited by Louis-Philippe Rochon and Sergio Rossi
Chapter 10: Endogenous money and the tyranny of demand and supply
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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