Advertisement

An Inquiry into a Dark Mystery in the History of the Monetary Theory of Production: What Went Wrong with the Early Contribution of Joan Robinson

  • Alain Parguez

Abstract

In their introduction to the book in honour of Augusto Graziani, Arena and Salvadori (2004) emphasise his paramount contribution to the rehabilitation of history of economic thought. For too many years since the advent of so-called ‘mainstream-orthodox economics’, studying great economists of the past (before the advent) has been jeopardised by two interwined commitments. On one hand, it is scorned by mainstreamers because it is a waste of time to be interested in pre-scientific writers. They could only be saved if it could be proven that there are some neoclassical roots helping their reinterpretation within the framework of some standard model. On the other hand, it has been progressively turned into a pure historical field of research without any impact on the building of a positive alternate scientific programme that is to be substituted for the mainstream economics. History of economic thought has become the ‘refuge’ for dissenters who disagree with orthodoxy but, for whatever reason, believe that conceiving a true general theory, free from the methodological and ideological somewhat hidden postulates of mainstreamers, is beyond the possibility of the human mind. From both those perspectives, the search for a genuine precursor of contemporary Monetary Theory of Production (MTP) would be a vain or academic exercise. Both are denied by Graziani’s (2003) specific interpretation of the history of economic thought.

Keywords

Capitalist Economy Neoclassical Economic Portfolio Choice Economic Thought Mainstream Economic 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Arena, R. and Salvadori, N. (2004) ‘Introduction’ to Money, Credit and the Role of the State. Essays in honour of Augusto Graziani (London: Ashgate).Google Scholar
  2. Gnos, C. and Rochon, L.-P. (2003) ‘Joan Robinson and Keynes on Money, Relative Prices and the Monetary Circuit’, Review of Political Economy, 15(4).Google Scholar
  3. Graziani, A. (1989) ‘Money and Finance in Joan Robinson’s works’, in The Economics of Imperfect Competition, Joan Robinson and Beyond, George Feiwel (ed.) (New York University Press), 22, pp. 613–30.Google Scholar
  4. Graziani, A. (2003) The Monetary Theory of Production (Cambridge University Press).CrossRefGoogle Scholar
  5. Harcourt, G. (1972) Some Cambridge Controversies in the Theory of Capital (Cambridge University Press).CrossRefGoogle Scholar
  6. Lavoie, M. (1999) ‘The credit-led supply of deposits and the demand for money: Kaldor’s reflux mechanism as previously endorsed by Joan Robinson’, Cambridge Journal of Economics, 23, pp. 103–13.CrossRefGoogle Scholar
  7. Parguez, A. (2002) ‘Victoria Chick and the Theory of the Monetary Circuit: An enlightening debate’, Money; Macroeconomics and Keynes, I; Philip Arestis, Meghnad Desai and Sheila Dow (eds) (London: Routledge) pp. 49–67.Google Scholar
  8. Parguez, A. (2003) The Tragedy of Disciplinary Fiscal Economics or Back to the Ancient Regime, paper presented at the 29th annual conference of Eastern Economic Association, New York, February 2003.Google Scholar
  9. Parguez, A. (2004) ‘The Solution of the problem of profits’, in Money, Credit and the Role of the State. Essays in honour of Augusto Graziani, Richard Arena and Neri Salvadori (eds) (Ashgate: London), pp. 263–76.Google Scholar
  10. Parguez, A. and Seccareccia, M. (2000) ‘The credit theory of money: a circuit approach’, in John Smithin (ed.), What is Money?, London: Routledge, pp. 101–23.Google Scholar
  11. Robinson, J. (1952) The Rate of Interest and Other Essays (London: Macmillan).Google Scholar
  12. Robinson, J. (1956) The Accumulation of Capital (London: Macmillan).Google Scholar
  13. Robinson, J. (1960) Exercises in Economic Analyses (London: Macmillan).Google Scholar
  14. Robinson, J. (1961) ‘Own Rates of Interest’, Economic Journal, 71, pp. 596–600.CrossRefGoogle Scholar
  15. Robinson, J. (1971) Economic Heresies (New York: Basic Books).Google Scholar
  16. Rochon, L.-P. (1999) Credit and Production: An Alternative Post-Keynesian Approach (Cheltenham: Edward Elgar).Google Scholar

Copyright information

© Alain Parguez 2005

Authors and Affiliations

  • Alain Parguez

There are no affiliations available

Personalised recommendations