General Conclusion

  • Wynne Godley
  • Marc Lavoie


We now wish to recapitulate the main features of our method and of our models. Since it was argued in Chapter 1 that our method shared many features with Tobin’s New Haven approach, we shall emphasize here how and why our models are still distinct from those of Tobin. Indeed, we strongly believe that the closure of our models, as well as their spirit, make them indeed quite distinct. The reader having now gone through the various chapters and experiments that were conducted there should be able to appreciate the distinctions that we are about to claim. It should be understood that in several instances it is the features of the more sophisticated and realistic models, those presented in the later chapters, that are under consideration. We shall refer to the models enclosed in the present book as the G&L models.


Central Bank Money Supply Bank Loan Market Clearing Monetary Authority 
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Copyright information

© Wynne Godley and Marc Lavoie 2012

Authors and Affiliations

  • Wynne Godley
    • 1
  • Marc Lavoie
    • 2
  1. 1.King’s CollegeCambridge UniversityCambridgeUK
  2. 2.Department of EconomicsUniversity of OttawaCanada

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