Re: etymology of endogeneous money

[paul davidson <pdavidson@xxxxxxx>]

At 10:48 AM 7/28/03 , you wrote:
> Thanks, Paul...I am interested in when the term began to be commonly used
> and understood in its current meaning...so by the late 1960s and early 1970s
> PK and perhaps other folks were using the term, right?


Correct -- but if you really go into this then you have to go into the 19th
century controversy between the basnking school and the currency
school.  The banking school believed in endogeneous money-- which they
called the real bills doctrine.  The currency school believed in exogenous
money --similar to current day monetarism.  Some of this history of econoic
thought is discussed in the first pages of Sidney Weintraub and my 1973 EJ
article "Money As Cause And Effect"

Paul
Louise Davidson
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JOURNAL OF POST KEYNESIAN ECONOMICS
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