Economic Models and Political Economy?
Further this https://www.elgaronline.com/view/journals/roke/1-4/roke.2013.04.01.xml Abstract In 1988 Basil Moore published his book Horizontalists and Verticalists: The Macroeconomics of Credit Money, which this year celebrates its 25th birthday. We discuss this book from today’s perspective, and in particular whether Moore’s main assertions have been validated or rejected by the development of central bank practice and academic monetary economics. We find that the book has impressively stood the test of time and, despite part of textbook economics still insisting on the money multiplier as an explanation for the money supply, it is not much of an exaggeration to say that we have all become ‘Horizontalists’ in the last 25 years. https://www.youtube.com/watch?v=O38bSfQdEpg&t=860s Published on Feb 3, 2016 The argument that banks originate loans and thereby create money and additional demand was once a commonplace position. But in the 1950s, American Neoclassicals in particular began to push the view that banks are effectively just intermediaries between savers and investors; the view that banks were uniquely important in capitalism became a fringe view. I cover this history and the revival of the endogenous money approach by Basil Moore, Augusto Graziani and others
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