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date: 25 November 2020

Abstract and Keywords

This chapter examines three fundamental propositions regarding money. First, money buys goods and goods buy money, but goods do not buy goods. Second, money is always debt; it cannot be a commodity from the first proposition because if it were, that would mean that a particular good is buying goods. Third, default on debt is possible. The approach taken here is not meant to replace the more usual post-Keynesian economics and institutionalist approach, but rather is meant to supplement them. For example, this discussion is linked to Hyman Minsky’s (1986) work, to the endogenous money approach of Basil J. Moore (1988), to the French-Italian circuit approach, to Paul Davidson’s (1978) interpretation of John Maynard Keynes that relies on uncertainty, to the approaches that rely heavily on accounting identities—and the “K” distribution theory of Keynes, Michał Kalecki, Nicholas Kaldor, and Kenneth Boulding, to the sociological approach of Geoffrey Ingham, and to the chartalist or state money approach. Hence, this chapter takes a somewhat different route to develop more-or-less heterodox conclusions about money.

Keywords: money, goods, debt, default, post-Keynesian economics, Hyman Minsky, John Maynard Keynes, uncertainty, Michał Kalecki, Nicholas Kaldor

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