后凯恩斯主义经济学的货币非中性理论

On the Non-neutrality of Money Theory in Post-Keynesian Economics

后凯恩斯主义经济学的突出贡献是将凯恩斯关于不确定性和货币非中性思想发展为一个完整的关于货币非中性的理论框架,它强调无论是长期还是短期,货币都是影响真实部门的一个重要因素。后凯恩斯主义的货币理论在凯恩斯的灵活偏好理论中加入融资性需求,这样就必然导致存量和流量的矛盾,从而造成利息率的不确定性和波动性;从不同角度分析了货币的创造过程,提出了内生货币供给理论。这一理论完全是与主流经济学所信奉的货币数量论对立的,从而拒绝资本主义经济自然趋于长期充分就业均衡的概念。

The outstanding contribution of post-Keynesian economics is it develops the Keynesian ideas of uncertainty and non-neutrality of money into an integrated theoretical framework-non-neutrality of money.It stresses that money is a key factor in predetermining the real sector,both in the long and the short run.The post-Keynesian money theory adds financing demand to Keynesian theory of liquidity preference,which will inevitably lead to the contradiction between stocks and flows,thus causing the uncertainty and variability in interest rate.Besides,the theory analyzes the process of money creation from different angles and proposes the endogenous money supply theory.The theory is antagonistic to the quantity theory of money upheld by mainstream economics;therefore,it denies the concept that the capitalist economy will naturally keep full employment equilibrium.