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Bank of England Endorses Post-Keynesian Endogenous Money Theory

Wednesday, February 15, 2017 23:38
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(Before It's News)

by Philip Pilkington

Article of the Week from Fixing the Economists

Well, the Bank of England has finally come out and said it: loans create deposits; banks create money and don’t simply lend out savings; and the money multiplier in the economics textbooks is false. Actually, we’ve known this for a long, long time. While the BoE report references much Post-Keynesian work – including early work by Nicholas Kaldor and Basil Moore’s path-breaking 1988 book Horizontalists and Verticalists – they would have done well to look up the findings of the Radcliffe Commission in the UK in 1957 (I have written about this extensively here).

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Source: http://econintersect.com/a/blogs/blog1.php/bank-of-england-endorses-post-1

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