Basil Moore
| Basil Moore | |
|---|---|
| Nationality | Canada |
| School or tradition | Post-Keynesian economics |
| Influenced | Steve Keen, Marc Lavoie |
| Contributions | Endogenous money theory |
| Information at IDEAS / RePEc | |
Basil J. Moore is a Canadian Post-Keynesian economist, most known for developing and promoting endogenous money theory, particularly the proposition that the money supply curve is horizontal, rather than upward sloping, a proposition known as horizontalism. He has been the most vocal proponent of this theory,[1] and is considered a central figure in post Keynesian economics[2]
Moore had a distinguished academic career at Wesleyan University in Middletown, Connecticut and is professor emeritus at the University.[3] During his long tenure there, he maintained an association with the University of Stellenbosch in South Africa, "where he is now Professor Extraordinary of Economics."[4][5]
Theory
Moore emphasizes the mechanics of credit creation, particularly lines of credit extended by banks to large corporations on the money supply. He argues that the ability of commercial banks to extend credit is limited only by demand for money by creditworthy borrowers, as central banks are compelled to act to ensure there is always a sufficient supply of money for demand to be met (at their target interest rate).
Moore contrasted his own "horizontalist" view of the money supply, shared by some post-Keynesian economists, with a more mainstream "structuralist" view of the economy, in which the quantity of money is supply- constrained.
Selected bibliography
- Horizontalists and Verticalists: The Macroeconomics of Credit Money, 1988, ISBN 978-0-521-35079-2
- The Endogeneity of Money: A Comment, Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(3), pp. 291–94, August, 1988.
- Inflation and financial deepening, Journal of Development Economics, Elsevier, vol. 20(1), pp. 125–133, 1986.
- Equities, Capital Gains, and the Role of Finance in Accumulation, American Economic Review, American Economic Association, vol. 65(5), pp. 872–86, December, 1975.
- The Pasinetti Paradox Revisited, Review of Economic Studies, Wiley Blackwell, vol. 41(2), pp. 297–99, April, 1974.
- Some Macroeconomic Consequences of Corporate Equities, Canadian Journal of Economics, Canadian Economics Association, vol. 6(4), pp. 529–44, November, 1973.
- Optimal Monetary Policy, Economic Journal, Royal Economic Society, vol. 82(325), pp. 116–39, March, 1972.
- Asset Management and Monetary Policy: Discussion, Journal of Finance, American Finance Association, vol. 24(2), pp. 242–44, May, 1969.
References
- ↑ A history of post Keynesian economics since 1936, by J. E. King, Edward Elgar Publishing, 2003, p. 175.
- ↑ Rochon, LP (2006). in Essays in Honour of Basil J. Moore and Macroeconomic Theory: Essays in Honour of ... Edward Elgar. pp. 170–186. Retrieved 16 March 2015.
- ↑ The Macroeconomics of Credit Money
- ↑ Complexity, Endogenous Money And Macroeconomic Theory: Essays in Honour Of Basil J. Moore by Mark Setterfield, (ed.), Edward Elgar Publishing, 2006, p.1.
- ↑ Economics – Wesleyan University
External links
- Basil Moore – homepage at Stellenbosch University
- Debates in endogenous money: Basil Moore & Sheila Dow, by Steve Keen
- Basil J. Moore’s Horizontalists and Verticalists Ulrich. Bindseil and Philipp J. König
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