Table Of ContentMONEY, CREDIT AND PRICES IN KEYNESIAN
PERSPECTIVE
Also edited by Alain Barrere
THE FOUNDATIONS OF KEYNESIAN ANALYSIS
KEYNESIAN ECONOMIC POLICIES
Money, Credit and
Prices in Keynesian
Perspective
Proceedings of a Conference held at the
University of Paris 1-Pantheon-Sorbonne
Edited by
Alain Barrere
Professor of Economics
University of Paris /-Pantheon-Sorbonne
Palgrave Macmillan
ISBN 978-1-349-20119-8 ISBN 978-1-349-20117-4 (eBook)
DOI 10.1007/978-1-349-20117-4
© Association pour le Developpement des Etudes Keynesiennes, 1989
Softcover reprint ofthe hardcover 1st edition 1989 978-0-333-42210-6
All rights reserved. For information, write:
Scholarly and Reference Division,
St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010
First published in the United States of America in 1989
ISBN 978-0-312-02468-0
Library of Congress Cataloging-in-Publication Data
Money, credit, and prices in Keynesian perspective: proceedings of a
conference held at the University of Paris I-Pantbeon-SorbonneJ
edited by Alain Barrche.
p. cm.
Includes index.
ISBN 978-0-312-02468-0 $55.00 (est.)
1. Keynesian economics-Congresses. 2. Money-Congresses.
3. Credit-Congresses. 4. Prices-Congresses. 1. Barrere, Alain.
HB99.7.M597 1989
332.4'01-dc 19 88-32676
CIP
Editor's Note
This collection of essays and two companion volumes, The Foundations
of Keynesian Analysis and Keynesian Economic Policies, were presented
at a conference held to the centenary of the birth of John Maynard
Keynes at the University of Paris on 12-15 September 1983.
The University of Paris I-Pantheon-Sorbonne and the CNRS -
Centre National de la Recherche Scientifique - organised the conference
and made this volume possible.
A.B.
v
Contents
Editor' s Note v
Notes on the Contributors IX
Introduction
Alain Barrere xiii
PART I MONEY AND INVESTMENT
Money and Financial Money Capital within a
Keynesian Framework
Alain Parguez 3
2 Notes on Finance, Risk and Investment Spending
Edward J. Nell 16
PART II DEBT, CREDIT AND THE RATE OF
INTEREST
3 Financial Structures: Indebtedness and Credit
Hyman P. Minsky 49
4 Saving and Debt
Josef Steindl 71
5 The 'Overdraft Economy', the' Auto-economy' and
the Rate of Interest
Christian de Boissieu 79
Concluding Remarks
Jean Denizet 105
PART III PRICES
6 The Role of Prices in the Establishment of Keynesian
Short-run
Michel Broniatowski and Gerard Kebabdjian 113
7 Keynesian Assumptions and the Dynamics of Prices
Christian Barrere 137
vii
viii Contents
8 On Keynesian Underemployment, Prices, and Wealth
Effects of Government Debt
Robert Eisner 162
9 The Marshallian Core of the General Theory
Sergio Parrinello 170
10 Prices and Income Policy: an Essay in Honour of
Sidney Weintraub
Paul Davidson 182
Index 189
Notes on the Contributors
Alain Barrere is Professor of Economics at the University of Paris I,
Pantheon-Sorbonne. He has been professor at the University of
Toulouse, the Ecole des Hautes Etudes en Sciences Sociales (Paris)
and visiting professor at the Federal University of Brazil. He was Dean
of the Faculte de Droit et des Sciences Economiques de Paris from
1967 to 1970. His research is concerned with macroeconomic analysis,
especially Keynesian theory, public economy and economic development.
He is the author of: Theorie Economique et Impulsion Keynesienne;
Economie et Institutions Financieres; Histoire de la Pensee Economique;
La Crise n' est pas ce que I' on Croit; Desequilibres Economiques et
Contre-revolution Keynesienne; and numerous articles.
Christian Barrere is Professor of Economics at the University of Reims.
He is working on monetary problems, the theory of crisis and regulation
and price mechanisms in modern economies.
Christian de Boissieu is Professor of Monetary Economics at the
University of P ARIS-I. He was a post-doctoral fellow at Northwestern
and Harvard University, and visiting scholar at the Board of Governors
of the Federal Reserve System (Washington, DC). He is consultant to
the World Bank and to the Paris Chamber of Commerce and Industry.
He has written numerous articles and books on monetary analysis and
policy, of which the most recent one is Formation et Role des Taux
d'interet.
Michel Broniatowski teaches mathematics at the Department of
Economics, University of Reims. His current research interests include
stochastic dynamics and their applications to economics.
Paul Davidson is J. Fred Holly Chair of Excellence in Political Economy
at the University of Tennessee, Knoxville. He is the editor and
co-founder of the Journal ofP ost Keynesian Economics. He is the author
of International Money and the Real World, Money and the Real World
and (with Greg Davidson) Economics for a Civilized Society, and
numerous other books and professional articles.
Jean Denizet is a former civil servant from 'Direction du Tresor',
Ministry of Finance, Paris. He has (also) worked as Executive Manager
ix
x Notes on the Contributors
of the European Coal and Steel Community and as the Economist of
Banque Paribas. He is columnist for E Expansion and Le Figaro.
Robert Eisner is William R. Kenan Professor of Economics at
Northwestern University. He has devoted major parts of his career to
the study of the determinants of business investment and to the
development of extended measures of income and output. He has also
written extensively on issues of employment, economic growth, monetary
and fiscal policy and the measurement and implications of government
debt and deficits.
Gerard Kebabdjian is Professor of Economics at the University of Reims
and a leading member of the Centre de Recherches sur les Mutations
des Societes Industrielles, Paris. His main publications have been on
the theory of crisis and the evolution of capitalism. He is currently
studying inflation as a dynamic process within the framework of a
model based upon price-setting by firms.
Hyman P. Minsky has been a Professor of Economics at Washington
University, St Louis, since 1965. He has taught at Brown University,
the University of California and was a visiting scholar at St John's
College, Cambridge, in 1969-70. He has served as a consultant to the
Board of Governors of the Federal Reserve System and as a consultant
to the Federal Deposit Insurance Company. Since 1969 he has been a
member of .the Board of Directors and Advisors of Mark Twain
Bankshares, St Louis.
Professor Minsky is the author of numerous scholarly articles; his
most recent books are John Maynard Keynes and Inflation and
Recession and Economic Policy.
Edward Nell taught at Oxford, the Wesleyan University in Connecticut,
and the University of East Anglia, before becoming Professor of
Economics at the Graduate Faculty of the New School for Social
Research, New York, in 1969. He is the co-author of Rational Economic
Man and most recently of Free Market Conservatism: A Critique of
Theory and Practice, and he is working on a book on the post-war
performance of the American economy.
Alain Parguez is Professor of Economics at the University of Besan~on.
He is the editor of Money and Production, published by the Institute
for Applied Mathematical and Economic Science. He is also in charge
