Hardback
Money and Production
Selected Essays
9781035314027 Edward Elgar Publishing
In this insightful volume, editors Louis-Philippe Rochon and Mario Seccareccia bring together key essays from the influential and highly-regarded journal, Monnaie et Production. Beginning with a new commentary, Rochon and Seccareccia provide a modern perspective, highlighting invaluable insights on both the content and the editor, Alain Parguez.
More Information
Critical Acclaim
Contents
More Information
In this insightful volume, editors Louis-Philippe Rochon and Mario Seccareccia bring together key essays from the influential and highly-regarded journal, Monnaie et Production.
Beginning with a new commentary, Rochon and Seccareccia provide a modern perspective, highlighting invaluable insights on both the content and the editor, Alain Parguez. Showcasing 15 classic articles on topics such as money, finance and policy, this book highlights the bridges built between American post-Keynesians and the European heterodox community. The selected essays examine the missing links that history has brought to light and pay tribute to this historic, ground-breaking journal on its 40th anniversary.
Highlighting a seminal contribution to heterodox economics, but little known in the English-speaking world, this book provides a unique reference opportunity to view these important historical essays in one place. Scholars of economics interested in post-Keynesian theory and in this important episode in the history of economic thought will find this a vital resource.
Beginning with a new commentary, Rochon and Seccareccia provide a modern perspective, highlighting invaluable insights on both the content and the editor, Alain Parguez. Showcasing 15 classic articles on topics such as money, finance and policy, this book highlights the bridges built between American post-Keynesians and the European heterodox community. The selected essays examine the missing links that history has brought to light and pay tribute to this historic, ground-breaking journal on its 40th anniversary.
Highlighting a seminal contribution to heterodox economics, but little known in the English-speaking world, this book provides a unique reference opportunity to view these important historical essays in one place. Scholars of economics interested in post-Keynesian theory and in this important episode in the history of economic thought will find this a vital resource.
Critical Acclaim
‘This fine collection of important papers is a fitting tribute to Alain Parguez and a vital contribution to the intellectual histories of circuitism, post-Keynesianism and monetary production economics in general.’
– James K. Galbraith, The University of Texas, Austin, US
‘The series Monnaie et Production launched and managed by Alain Parguez from 1984 to 1996, aimed at resolving “the conundrum of money”, was a crucial link between French-speaking and Anglo-Saxon post-Keynesians. For more than ten years, MP allowed an international opening to young French post-Keynesians, thereby extending the conference Keynes Today, organized at Paris-Sorbonne in 1983, until the development of international post-Keynesian conferences in Kansas City, Dijon and Berlin. The major theoretical controversies were addressed there and still constitute the framework of post-Keynesian monetary thinking today. This book is extremely useful because it allows you to access and reread these fundamental texts today. Every post-Keynesian should have it.’
– Edwin Le Héron, Sciences Po Bordeaux, France
‘Monnaie et Production constituted a vibrant publication series and a vital international forum for debate that brought together first- and second-generation European and North-American post-Keynesians during the 1980s and 1990s, with its expressed focus on money and macroeconomics. Some of these ideas on the credit-driven nature of money and the crucial stabilizing role of the State debated in that publication series, flourished during the twenty-first century among current-generation post-Keynesian economists, including advocates of Modern Monetary Theory. This representative group of articles that were published in English in this well-known French journal are all highly recommended readings to understand better the evolution of post-Keynesian economics over the last four decades.’
– Stephanie Kelton, Stony Brook University, US
– James K. Galbraith, The University of Texas, Austin, US
‘The series Monnaie et Production launched and managed by Alain Parguez from 1984 to 1996, aimed at resolving “the conundrum of money”, was a crucial link between French-speaking and Anglo-Saxon post-Keynesians. For more than ten years, MP allowed an international opening to young French post-Keynesians, thereby extending the conference Keynes Today, organized at Paris-Sorbonne in 1983, until the development of international post-Keynesian conferences in Kansas City, Dijon and Berlin. The major theoretical controversies were addressed there and still constitute the framework of post-Keynesian monetary thinking today. This book is extremely useful because it allows you to access and reread these fundamental texts today. Every post-Keynesian should have it.’
– Edwin Le Héron, Sciences Po Bordeaux, France
‘Monnaie et Production constituted a vibrant publication series and a vital international forum for debate that brought together first- and second-generation European and North-American post-Keynesians during the 1980s and 1990s, with its expressed focus on money and macroeconomics. Some of these ideas on the credit-driven nature of money and the crucial stabilizing role of the State debated in that publication series, flourished during the twenty-first century among current-generation post-Keynesian economists, including advocates of Modern Monetary Theory. This representative group of articles that were published in English in this well-known French journal are all highly recommended readings to understand better the evolution of post-Keynesian economics over the last four decades.’
– Stephanie Kelton, Stony Brook University, US
Contents
Contents
Introduction: Monnaie et Production and the theory of the monetary circuit:
missing links in the history of post-Keynesian economics
Louis-Philippe Rochon and Mario Seccareccia 1
1 Dow, S.C. (1984), “Methodology and the Analysis of a Monetary Economy”,
Économies et Sociétés, Série Monnaie et Production No. 1, 18 (4), pp. 7–35 12
2 Halevi, J. (1985), “Effective Demand, Capacity Utilization and the Sectoral
Distribution of Investment”, Économies et Sociétés, Série Monnaie et Production
No. 2, 19 (8), pp. 25–45 41
3 Chick, V. (1986), “The Evolution of the Banking System and the Theory of
Saving, Investment and Interest”, Économies et Sociétés, Série Monnaie et
Production No. 3, 20 (8–9), pp. 111–26 62
4 Rousseas, S. (1986), “The Finance Motive, Keynes and Post Keynesians”,
Économies et Sociétés, Série Monnaie et Production No. 3, 20 (8–9),
pp. 189–201 78
5 Graziani, A. (1987), “Keynes’ Finance Motive”, Économies et Sociétés, Série
Monnaie et Production No. 4, 21 (9), pp. 23–42 91
6 Graziani, A. (1990), “The Theory of the Monetary Circuit”, Économies et
Sociétés, Série Monnaie et Production No. 7, 24 (2), pp. 7–36 111
7 Guttmann, R. (1990), “The Regime of Credit-Money and its Current Transition”,
Économies et Sociétés, Série Monnaie et Production No. 7, 24 (2), pp. 81–105 141
8 Parguez, A. (1990), “Keynesianism and Austerity”, Économies et Sociétés, Série
Monnaie et Production No. 7, 24 (2), pp. 107–22 166
9 Lavoie, M. (1990), “Thriftiness, Growth and the Post-Keynesian Tradition”,
Économies et Sociétés, Série Monnaie et Production No. 7, 24 (2), pp. 123–34 182
10 Asimakopulos, A. (1990), “Investment, Finance, Saving and Profits: A Kaleckian
Approach to the Dynamic Circuit”, Économies et Sociétés, Série Monnaie et
Production No. 6, 24 (6), pp. 35–49 194
11 Halevi, J. (1991), “Observations on Kaldorian and Post-Keynesian Approaches to
Inflation”, Économies et Sociétés, Série Monnaie et Production No. 8, 25 (11–12),
pp. 33–46 209
12 Arestis, P. and F. Skuse (1991), “Wage and Price Setting in a Post-Keynesian
Theory of Inflation”, Economies et Sociétés, Série Monnaie et Production No. 8,
25 (11–12), pp. 91–106 223
13 Keen, S. (1996), “The Chaos of Finance: The Chaotic and Marxian Foundations
of Minsky’s Financial Instability Hypothesis”, Economies et Sociétés, Série
Monnaie et Production No. 10, 30 (2–3), pp. 55–82 239
14 Deriet, M. and M. Seccareccia (1996), “Bank Markups, Horizontalism and the
Significance of Banks’ Liquidity Preference: An Empirical Assessment”,
Economies et Sociétés, Série Monnaie et Production No. 10, 30 (2–3), pp. 137–61 267
15 Parguez, A. (1996), “Financial Markets, Unemployment and Inflation Within a
Circuitist Framework”, Economies et Sociétés, Série Monnaie et Production
No. 10, 30 (2–3), pp. 163–92 292
Introduction: Monnaie et Production and the theory of the monetary circuit:
missing links in the history of post-Keynesian economics
Louis-Philippe Rochon and Mario Seccareccia 1
1 Dow, S.C. (1984), “Methodology and the Analysis of a Monetary Economy”,
Économies et Sociétés, Série Monnaie et Production No. 1, 18 (4), pp. 7–35 12
2 Halevi, J. (1985), “Effective Demand, Capacity Utilization and the Sectoral
Distribution of Investment”, Économies et Sociétés, Série Monnaie et Production
No. 2, 19 (8), pp. 25–45 41
3 Chick, V. (1986), “The Evolution of the Banking System and the Theory of
Saving, Investment and Interest”, Économies et Sociétés, Série Monnaie et
Production No. 3, 20 (8–9), pp. 111–26 62
4 Rousseas, S. (1986), “The Finance Motive, Keynes and Post Keynesians”,
Économies et Sociétés, Série Monnaie et Production No. 3, 20 (8–9),
pp. 189–201 78
5 Graziani, A. (1987), “Keynes’ Finance Motive”, Économies et Sociétés, Série
Monnaie et Production No. 4, 21 (9), pp. 23–42 91
6 Graziani, A. (1990), “The Theory of the Monetary Circuit”, Économies et
Sociétés, Série Monnaie et Production No. 7, 24 (2), pp. 7–36 111
7 Guttmann, R. (1990), “The Regime of Credit-Money and its Current Transition”,
Économies et Sociétés, Série Monnaie et Production No. 7, 24 (2), pp. 81–105 141
8 Parguez, A. (1990), “Keynesianism and Austerity”, Économies et Sociétés, Série
Monnaie et Production No. 7, 24 (2), pp. 107–22 166
9 Lavoie, M. (1990), “Thriftiness, Growth and the Post-Keynesian Tradition”,
Économies et Sociétés, Série Monnaie et Production No. 7, 24 (2), pp. 123–34 182
10 Asimakopulos, A. (1990), “Investment, Finance, Saving and Profits: A Kaleckian
Approach to the Dynamic Circuit”, Économies et Sociétés, Série Monnaie et
Production No. 6, 24 (6), pp. 35–49 194
11 Halevi, J. (1991), “Observations on Kaldorian and Post-Keynesian Approaches to
Inflation”, Économies et Sociétés, Série Monnaie et Production No. 8, 25 (11–12),
pp. 33–46 209
12 Arestis, P. and F. Skuse (1991), “Wage and Price Setting in a Post-Keynesian
Theory of Inflation”, Economies et Sociétés, Série Monnaie et Production No. 8,
25 (11–12), pp. 91–106 223
13 Keen, S. (1996), “The Chaos of Finance: The Chaotic and Marxian Foundations
of Minsky’s Financial Instability Hypothesis”, Economies et Sociétés, Série
Monnaie et Production No. 10, 30 (2–3), pp. 55–82 239
14 Deriet, M. and M. Seccareccia (1996), “Bank Markups, Horizontalism and the
Significance of Banks’ Liquidity Preference: An Empirical Assessment”,
Economies et Sociétés, Série Monnaie et Production No. 10, 30 (2–3), pp. 137–61 267
15 Parguez, A. (1996), “Financial Markets, Unemployment and Inflation Within a
Circuitist Framework”, Economies et Sociétés, Série Monnaie et Production
No. 10, 30 (2–3), pp. 163–92 292
