Publications

Working Paper No. 658 | March 2011

Keynes after 75 Years

Rethinking Money as a Public Monopoly

In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the orthodox approach that views money as an efficiency-enhancing innovation of markets, and the Chartalist approach that defines money as a creature of the state. As the state’s “creature,” money should be seen as a public monopoly. I then move on to the implications of viewing money as a public monopoly and link that view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date.

Related Publications


Publication Highlight

Policy Note 2022/3
Chile: The Road to Joy Is Paved with Obstacles
Author(s): Giuliano Toshiro Yajima
May 2022

Quick Search

Search in: