Disequilibrium Dynamics of the Monetary Economy: A Micro-Founded Synthesis of the Wicksellian Theory of Cumulative Process and the Keynesian Theory of Effective Demand

2018 ◽  
Author(s):  
Katsuhito Iwai
Keyword(s):  
Effective Demand ◽  
Keynesian Theory ◽  
Monetary Economy ◽  
Cumulative Process ◽  
Disequilibrium Dynamics

scholarly journals Selling debt: Interrogating the moral claims of the financial elites in Central Asia

2020 ◽  
pp. 030981682094317 ◽  
Author(s):  
Balihar Sanghera ◽  
Elmira Satybaldieva
Keyword(s):  
Central Asia ◽  
Financial Institutions ◽  
Moral Economy ◽  
Keynesian Theory ◽  
Monetary Economy ◽  
Moral Claims ◽  
Unearned Income ◽  
Moral Justifications ◽  
Damaging Effects

This article critically examines how banks and microfinance companies morally construed and evaluated their lending practices and income in Kazakhstan and Kyrgyzstan. Banks occupy a powerful position in a monetary economy, because they do not merely create money ‘out of thin air’, but can charge for it, that is, interest. In doing so, they obtain unearned income and extract wealth. The article examines how banks and microfinance companies used myths, ideals, discourses, norms and emotions to justify and de-politicise their unequal power, unearned income and damaging effects. The study draws on the moral economy perspective and the post-Keynesian theory of money to understand financial institutions’ moral justifications and rationalisations of their position and power. This article contributes to a wider literature on neoliberalism and morality in post-socialist economies.

Hoarding, saving, and the paradox of thrift in a financial economy

2019 ◽  
Vol 7 (2) ◽  
pp. 263-267
Author(s):  
Srinivas Thiruvadanthai
Keyword(s):  
Financial Assets ◽  
Effective Demand ◽  
Keynesian Theory ◽  
Saving Decisions ◽  
Financial Economy

In a paper in this journal (Rowe 2016), Nicholas Rowe argued that excessive hoarding of money, not excessive thrift, causes the failure of Say's law and that an increase in the desire to save, by itself, will not lead to the paradox of thrift. This comment argues Rowe's analysis has three fundamental errors: (i) he uses definitions of thrift and hoarding that are profoundly different from Keynes's; (ii) by essentially dealing with a Walrasian world, he fails to account for the principle of effective demand; and (iii) his parables fail to account for the separation of investment and saving decisions. While Rowe's parables are inadequate for understanding the Keynesian theory of monetary production, I show that, even in such parables, incorporating financial assets restores the paradox of thrift without hoarding. The key assumption for the paradox of thrift is not hoarding but the separation of investment and saving decisions. The parable is simplistic, but a similar inference can be drawn from a more detailed elaboration of the saving and investment in a financial economy by Davidson (1968).

Studies in the Byzantine Monetary Economy c.300–1450

1985 ◽  
Author(s):  
Michael F. Hendy
Keyword(s):  
Monetary Economy

Conflict and Effective Demand in Economic Growth

1989 ◽  
Author(s):  
Peter Skott
Keyword(s):  
Economic Growth ◽  
Effective Demand

An Analysis of Restraints on Effective Demand for Loans in Rural China

2018 ◽  
Vol 6 (8) ◽  
pp. 107
Author(s):  
Wenjie Ma ◽  
Minxin He ◽  
Xinyu Zhong ◽  
Shengsong Huang
Keyword(s):  
Economic Growth ◽  
Migrant Workers ◽  
Rural Areas ◽  
Financial Services ◽  
Rural China ◽  
Strong Support ◽  
Effective Demand ◽  
Second Child ◽  
Factors Influencing ◽  
First Choice

China’s overall economic growth is, to a great extent, hindered by the lack of economic growth in rural areas. Based on data from the Thousand-Village Survey (2015) of 31 provinces conducted by Shanghai University of Finance and Economics, we conduct this empirical study to analyze the current state of rural financial services and the factors influencing effective demand for loans in rural China. Looking at the demand side, in 2014, only 13.91% farmers had loans, and only 15.53% of them made financial institutions their first choice when they needed loans. Clearly, there is still much to do with regard to inclusive finance. From the perspective of the supply side, only 43.86% of dispersed loans can be categorized as productive loans, further reflecting that the financial services industry does not provide strong support for rural economic growth. Further study shows that the main factors influencing effective demand for productive loans are the population age structure and the rate at which migrant workers return home. Therefore, the "Second-Child" policy and policies that encourage migrant workers to go back home to start businesses are of vital importance in order to raise effective financial demand in rural China.

Overview of Tools for Increasing Effective Demand and Characteristics of Residential Property Buyers

2020 ◽  
pp. 3-9
Author(s):  
KHORKINA G.A. ◽  
◽  
BOGDANOVA Yu.N. ◽  
Keyword(s):  
Real Estate ◽  
Economic Situation ◽  
Residential Property ◽  
Housing Sector ◽  
Residential Real Estate ◽  
Economic Activities ◽  
Official Statistics ◽  
Effective Demand ◽  
Real Estate Developers ◽  
New Buildings

This paper is based on a study consisting of two semantic blocks. In the first block, the existing tools for increasing effective demand in the market of new buildings in Moscow are considered. The most popular tools for increasing effective demand are identified. The second block provides an overview of the characteristics of real and potential buyers of residential real estate in Moscow. Identifying the characteristics of real buyers is based on data published by analytical and consulting companies, as well as real estate developers. Identification of the characteristics of potential buyers was carried out on the basis of official statistics and information published by the Recruitment Agency. The analysis of the characteristics of buyers was carried out in the context of economic activities, in the context of specialization and qualifications, and the level of wages. The areas of employment, specialties are identified, and the level of wages of a person who is potentially more accessible to purchase housing is estimated. The number of people who, in accordance with the size of their salary, can buy housing in the property is estimated. As a result of the work, the expediency of analyzing the buyer’s portrait (including potential one) on a regular basis is justified in order to implement more flexible regulation of the housing sector, taking into account the needs of city residents and the socio-economic situation.

Asset Pricing in a Monetary Economy with Heterogeneous Beliefs

2007 ◽  
Author(s):  
Benjamin Croitoru ◽  
Lei Lu
Keyword(s):  
Asset Pricing ◽  
Heterogeneous Beliefs ◽  
Monetary Economy

Production-Based Asset Pricing in a Monetary Economy: Theory and Evidence

2008 ◽  
Author(s):  
Abraham Lioui ◽  
Patrice Poncet
Keyword(s):  
Asset Pricing ◽  
Monetary Economy

Green-Lighting Brown: A Cumulative-Process Conception of Judicial Impact

2008 ◽  
Author(s):  
Vincent James Strickler
Keyword(s):  
Cumulative Process ◽  
Process Conception ◽  
Judicial Impact

Keynesian Theory and Policy

2009 ◽  
Author(s):  
John F. McDonald
Keyword(s):  
Keynesian Theory
Sign in / Sign up

Export Citation Format

Share Document