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Money in The General Theory: The Contributions of Jan Kregel

  • L. Randall Wray
Part of the Levy Institute Advanced Research in Economic Policy book series (LAREP)

Abstract

When I was a student at Washington University, Hyman P. Minsky handed to me a 1984 draft paper by Jan Kregel titled ‘Reading Copy. The Multiplier and Liquidity Preference: Two Sides of the Theory of Effective Demand’ — which would later be published in a 1988 volume edited by Alain Barrere. It was the first time I had been exposed to a serious exposition of Keynes’ own rates analysis. By coincidence, an office mate was preparing to leave for his first position and he happened to have a copy of Kregel’s The Reconstruction of Political Economy (Kregel 1973) that he gifted to me. I then pursued Kregel’s earlier books that detailed the Cambridge approach to capital and profit. By that time, I had been at Washington University for two years and had absorbed what I thought was enough of Minsky’s financial instability hypothesis as well as of the neoclassical economics that was the mainstay of the PhD program. Before coming to Washington University, I had been most interested in Marxist economics and Institutionalism. I was ready for a change. I dove into the Cambridge surplus approach.

Keywords

Interest Rate Money Supply Foreign Currency Money Demand Full Employment 
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.

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Copyright information

© L. Randall Wray 2014

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  • L. Randall Wray

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