TY - JOUR
T1 - A pure credit money economy
T2 - A simple steady-state model
AU - Park, Man Seop
N1 - 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.
PY - 2004
Y1 - 2004
N2 - 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.
AB - 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.
KW - Cambridge theory of growth
KW - Pure credit money economy
UR - http://www.scopus.com/inward/record.url?scp=4944228226&partnerID=8YFLogxK
M3 - Review article
AN - SCOPUS:4944228226
SN - 0160-3477
VL - 27
SP - 141
EP - 162
JO - Journal of Post Keynesian Economics
JF - Journal of Post Keynesian Economics
IS - 1
ER -