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Monetary Economics

An Integrated Approach to Credit, Money, Income, Production and Wealth

Authors: Godley, W., Lavoie, M.

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About this book

This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.

About the authors

WYNNE GODLEY was Director of the Department of Applied Economics at the University of Cambridge, UK, from 1970 to 1987, and a Professor of Applied Economics from 1980 to 1993. Subsequently, he was a Distinguished Scholar at the Levy Economics Institute of Bard College, New York, USA, and then a Visiting Research Associate at the Cambridge Endowment for Research in Finance.
 
MARC LAVOIE is Professor in the Department of Economics at the University of Ottawa, Canada. He has written over 175 journal articles and book chapters, as well as authoring Foundations of Post-Keynesian Economic Analysis and Introduction to Post-Keynesian Economics.

Reviews

'The framework that Godley and Lavoie develop, with a consistent numerical and simulational handle on the various models, is a return to a majestic Wicksellian tradition A whole generation of graduate students have been brought up on policy nihilism, bordering on paralysis in the face of policy dilemmas. A new generation, armed with the tools, concepts and models developed by Godley and Lavoie, can now return to the grand traditions of macroeconomics as an experimental science, focusing on policy.' - K. Vela Velupillai, Fellow, Girton College, Cambridge, UK, and Professor of Economics, University of Trento, Italy

'Wynne Godley has been the moving force behind keeping quantitative non-mainstream macroeconomics alive and flourishing for the last several decades...His work is inspiring, and will guide policy-oriented macroeconomic modellers for decades to come.' - Lance Taylor, Cambridge Journal of Economics

'...[This] clearly deserves to become a standard reference for everybody interested in SFC modelling in particular and modern macroeconomics in general. There are already first signs that other economists are indeed inspired by this way of thinking about the economy...' - Till van Treeck, Intervention, European Journal of Economics and Economic Policies


Table of contents (13 chapters)

  • Introduction

    Godley, Wynne (et al.)

    Pages 1-22

  • Balance Sheets, Transaction Matrices and the Monetary Circuit

    Godley, Wynne (et al.)

    Pages 23-56

  • The Simplest Model with Government Money

    Godley, Wynne (et al.)

    Pages 57-98

  • Government Money with Portfolio Choice

    Godley, Wynne (et al.)

    Pages 99-130

  • Long-term Bonds, Capital Gains and Liquidity Preference

    Godley, Wynne (et al.)

    Pages 131-169

Buy this book

eBook $49.99
price for USA (gross)
  • ISBN 978-1-137-08599-3
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $65.00
price for USA
  • ISBN 978-0-230-30184-9
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.

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Bibliographic Information

Bibliographic Information
Book Title
Monetary Economics
Book Subtitle
An Integrated Approach to Credit, Money, Income, Production and Wealth
Authors
Copyright
2012
Publisher
Palgrave Macmillan UK
Copyright Holder
Palgrave Macmillan, a division of Nature America Inc.
eBook ISBN
978-1-137-08599-3
DOI
10.1007/978-1-137-08599-3
Softcover ISBN
978-0-230-30184-9
Edition Number
2
Number of Pages
XLVI, 530
Topics