A brief note on Mathias Binswanger’s model

Autor:	Zsolt Gilányi
Rok vydání:	2015
Předmět:	Economics and Econometrics Endogenous money State (polity) Money creation media_common.quotation_subject Keynesian economics Subject (philosophy) Economics Zero (linguistics) media_common
Zdroj:	Journal of Post Keynesian Economics. 37:590-596
ISSN:	1557-7821 0160-3477
DOI:	10.1080/01603477.2015.1049927
Popis:	An increasing number of economists agree that modern market economies are subject to a growth imperative: zero growth is not a feasible state in the long run. This result is shown differently by various authors. Mathias Binswanger pretends to establish the growth imperative of modern market economies by making the link between money creation and firms’ profits. If Binswanger’s strictly positive minimal steady state growth solution is binding, so is the minimal growth derived from the money creation rule but the reverse is not true. In other words, it is sufficient to consider the money creation rule for the feasible solutions in his model; the link between firms’ profits and money creation is missing. Nevertheless, the basic message of his model is not discredited: there is a growth imperative in capitalist economies regardless of risk considerations.
Databáze:	OpenAIRE
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