EconoFiction

On the Question of Money Endogeneity: Marx vs. the Post-Keynesians

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24 Feb , 2019  

This paper argues that the conception of ‘money endogeneity’ formulated and defended by Post-Keynesian economists can be founded on a coherent and theoretically sound way only on the basis of Marx’s theory of value, which the author comprehends as the par excellence monetary value theory. The Marxist reformulatio of the concept of money endogeneity allows of a thorough critique to the mainstream ‘dichotomy’ between a supposed economy of ‘real’ magnitudes and a ‘nominal’ world of monetary magnitudes. It challenges therefore the foundations of Neoclassical economic theory.

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