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| Tekijä: | Smithin, J. |
| Otsikko: | An alternative monetary model of inflation and growth |
| Lehti: | Review of Political Economy
1997 : OCT, VOL. 9:4, p. 395-410 |
| Asiasana: | POLITICAL ECONOMY USA INFLATION |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a simple model of a monetary economy in which production takes time and is financed by loans from financial intermediaries such as banks. The model is an example of a pure credit economy, but does not contain the contentious Wicksellian construct of a natural rate of interest. Rather, the main determining factor of economic outcomes is the struggle over income distribution between finance, industry, and labour. The model yields a number of macroeconomic results, some of which are sharply at variance with those obtained in more orthodox or mainstream models. |
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