Endogeneity of Money (Carvalho)

Keynes and the endogeneity of money by Fernando J. Cardim de Carvalho (10/2012). “For Keynes, therefore, the main points of contention between him and Kaldor’s should be found elsewhere. Is was the hypothesis raised in this paper that the contrasts between the two views of money endogeneity spring essentially from their radically different views as to what liquidity means, its nature and role in modern entrepreneurial economies. Keynes advanced a concept of liquidity as the power of disposal over an asset, making liquid assets, and money inparticular, being the most liquid of all assets, instruments of flexible strategies of wealth accumulation, a plus in the face of the uncertainty that surrounds the future.” Verificar em: