A pure credit money economy: A simple steady-state model

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2 Citations (Scopus)


The paper presents a model of a simplified pure credit money economy, in the setting of the steady-state growth. Despite obvious limitations coming from drastic simplifications, the resulting simplicity brings into sharp relief some important points related to the endogeneity of money. Arguments are presented in the framework of the Cambridge-type model; in particular, by way of the discussion of the existence of one or more social classes, we support the proposition that money is essential for the continued existence of the economy.

Original languageEnglish
Pages (from-to)141-162
Number of pages22
JournalJournal of Post Keynesian Economics
Issue number1
Publication statusPublished - 2004

Bibliographical note

Funding Information:
The author is a Professor in the Department of Economics, Korea University, Seoul. An earlier version, of which the present paper is a much revised version, was presented at the Seventh International Post Keynesian Conference, University of Missouri at Kansas City, June 29–July 3, 2002. The author appreciates comments by Randall Wray and Nina Shapiro at the conference, though he has not followed their advice in toto. The comments by an anonymous referee are gratefully acknowledged. This work was financially supported by a Korea University Research Grant.


  • Cambridge theory of growth
  • Pure credit money economy

ASJC Scopus subject areas

  • Economics and Econometrics


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