Keynes after 75 Years: Rethinking Money as a Public Monopoly

Levy Economics Institute, Working Papers Series No. 658

20 Pages Posted: 28 Mar 2011

See all articles by L. Randall Wray

L. Randall Wray

University of Missouri at Kansas City; Bard College - The Levy Economics Institute

Date Written: March 25, 2011

Abstract

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.

Keywords: Money, Public Monopoly, Monetary Theory of Production, Keynes, Marx, Veblen, Knapp, Chartalism

JEL Classification: B14, B15, B22, B52, E12, E40, E42, E50, E51, E52, G14, G21, H1 H3, H4, H44

Suggested Citation

Wray, L. Randall, Keynes after 75 Years: Rethinking Money as a Public Monopoly (March 25, 2011). Levy Economics Institute, Working Papers Series No. 658, Available at SSRN: https://ssrn.com/abstract=1795503 or http://dx.doi.org/10.2139/ssrn.1795503

L. Randall Wray (Contact Author)

University of Missouri at Kansas City ( email )

5100 Rockhill Road
Kansas City, MO 64110-2499
United States

Bard College - The Levy Economics Institute

Blithewood
Annandale-on-Hudson, NY 12504-5000
United States

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