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21. Lange and Keynes

Author:
Jan Toporowski
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
Lange engaged with Keynes in the matter of Keynes‟s macroeconomics, and over econometrics. Lange‟s interpretation of the Keynesian macroeconomic model laid the foundation for the neo-classical synthesis. But it was limited in its monetary economics. Lange also intervened in the Keynes-Tinbergen dispute over the scope and significance of econometrics. Lange collaborated in a paper that conceded Keynes‟s main point that empirical investigation could not determine theory, but insisted that theories could nevertheless be tested empirically. The paper was never publish and Keynes, unconvinced, planned to recruit Kalecki to his critique of econometrics.
Topic:
Socialism/Marxism, Economic Theory, Macroeconomics, and Keynes
Political Geography:
Global Focus

22. The Monetary Theory of Kalecki and Minsky

Author:
Jan Toporowski
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
The monetary theory of Kalecki and Minsky is usually placed within the Post-Keynesian tradition, deriving from the monetary analysis of John Maynard Keynes. The paper argues that Kalecki and Minsky shared a common inheritance in Swedish and German monetary theory, rather than the Marshallian tradition. Thus the monetary analysis of Kalecki and Minsky emphasises the endogeneity of money through capitalist reproduction, rather than through the mechanisms connecting central bank money to credit creation in the banking system. This provides the link between the monetary theory of Kalecki and Minsky and modern circuit theory.
Topic:
Monetary Policy, Banks, Economic Theory, and Keynes
Political Geography:
Global Focus