This volume provocatively rethinks the economics, politics and sociology of money and examines the classic question of what is money.

What is Money? (Routledge International Studies in Money and Banking)

Business & Money

Smithin, John

Economics

Routledge

Money, Enterprise and Income Distribution: Towards a Macroeconomic Theory of Capitalism

Rethinking the Theory of Money, Credit, and Macroeconomics: A New Statement for the Twenty-First Century

This book provides a comprehensive re-working of the basic principles of monetary macroeconomics in an alternative monetary model (AMM) of economic growth, the business cycle, inflation and income distribution. These principles differ considerably from those advanced in the standard macroeconomics literature and in textbooks. However, the latter have been demonstrably unsuccessful in the promotion of usable macroeconomic policy advice for the past several years, actually decades. A different approach is needed. In particular, the new approach takes seriously the vital role of credit creation and endogenous money in capitalism. It does not imagine that all of the difficult questions of economic policy-making may be resolved within a paradigm that conceptualizes economic activity as merely a question of barter exchange. The result is a blueprint for a set of growth-friendly macroeconomic policies which will promote full employment, financial stability and higher real wages – essentially for the benefit of the long-suffering middle and working classes rather for the chamber of commerce and financial interests.

Lexington Books

Review\nThis book constitutes a valuable contribution to the literature. Smithin’s AMM clarifies some unanswered questions of monetary macroeconomics. . . . As an overarching analysis of the monetary 
system, this book has much to commend it; I recommend it wholeheartedly. ― Review of Political Economy\nIn spite of his modest claim to the contrary, this book is the culmination of a lifelong research program conducted by Professor John Smithin on the relation between economic theory and the social reality that theory supposedly helps us to understand.\nWith this book, Professor Smithin, drawing from many different intellectual influences, offers an alternative model for us to make sense of monetary phenomena, one that would serve as an important guide for policymaking if taken seriously.\nIt is refreshing to read Smithin and be surprised by the policy prescriptions that may be derived from his descriptive project. It is impossible to pigeonhole all those prescriptions in a single place along the political spectrum, although it is safe to say that Smithin in his open-mindedness and epistemological skepticism may be considered a truly classical liberal.\nIn this definitive statement about the ontological, epistemological and ethical foundations of money and finances, Smithin allows himself to focus on the core constituents of the entrepreneurial method of production, such as profits, money, and private property and to draw lessons from his breathtaking interdisciplinary effort.\nProfessor Smithin’s ecumenism in his sources and broad knowledge of the history of ideas, not only on political economy but also on philosophy broadly speaking, allow him to generously acknowledge the contributions of Keynes and even Marx to a proper understanding of the role of money in the economic activity of a market society.\nOnce concluding that macroeconomic has failed to give tools that would allow us to prevent economic downturns, in order to do better, for Smithin, macroeconomics must be practiced with a truly macroeconomic method. That is, a rejection of a “radical” methodological individualism in favor of a mild form of realism, one in which social realities such as “money” are also taken into account in interpreting economic processes. Such research project is not without its risks, but Smithin’s contribution cannot be overstated, even by researchers who are not convinced of some elements of his methodology or about some of its applications.\nCentral to Smithin’s alternative monetary model is that a market society necessitates a supply of money endogenous in nature and from there, using sophisticated but ultimately elegant mathematical formulations, he proposes the targeting of real interest rates as the most adequate instrument of monetary policy if macro-economic stability is the policy goal.\n-- Leonidas Zelmanovitz, Liberty Fund Senior Fellow\nJohn Smithin, Rethinking the Theory of Money What macroeconomics needs, as we stumble on from the financial crisis, is not just another model, but a thorough rethink of the nature of a monetary economy, how to theorize about it and the types of policy best suited to promoting stable and equitable growth. This book by John Smithin does exactly that. It is a tour de force, building up of a theory of the (domestic and international) monetary macroeconomy and of macroeconomic policy for the modern age. The analysis is grounded in the history of economic thought, methodology, philosophy and economic history, and is full of novel insights. 
-- Sheila Dow, University of Stirling\nFor many decades John Smithin has been illuminating in deep ways our understanding of the roles of money and finance in the systemic processes at work in modern capitalism. All of these contributions have come together in Re-thinking the Theory of Money, Credit and Macroeconomics. His original and authoritative analysis stands on the sound foundations of the contributions of past greats, especially Keynes, and, yes, even Marx – alth

Lexington

Controversies in Monetary Economics: Revised Edition

This influential volume, revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. 
Although so-called ‘real’ theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behavior are more genuinely ‘realistic’. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.

Edward Elgar Publishing

This influential volume, now available in paperback, has been revised and updated for the twenty-first century and includes both new material and more detailed expositions of existing arguments. 
Although so-called ‘real’ theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behavior are more genuinely ‘realistic’. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.

History

Controversies in Monetary Economics combines an explanation of past monetary controversies with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches to monetary economics are discussed, ranging from the traditional quantity theory to Post Keynesian theories of endogenous money.The key question which emerges is whether or not the mythical 'natural rate' of interest is a meaningful concept. If so, this justifies the conventional view that central bank policy is relevant only for price level determination and does not permanently affect the real economy. However, if the interest rate is itself a 'monetary' phenomenon, as Keynes and others tried to argue, then central bank interest rate policy cannot be neutral and is an important determinant of economic prosperity.This important book will be of interest to academic specialists in monetary economics and macroeconomics, historians of economic thought and practitioners in central banks, international institutions and finance ministries.

CONTROVERSIES IN MONETARY ECONOMICS: Ideas, Issues and Policy

Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity

Macroeconomic Policy and the Future of Capitalism addresses the revolution in macroeconomic policy of the last quarter of the twentieth century and the movement away from concerns with employment and growth in favour of financial variables such as inflation and exchange rates.John Smithin argues that this 'financial reaction' in macroeconomic policy is the result of a distinct shift in political power in favour of financial or 'rentier' interests, and away from both labour and manufacturing business. The outcome is a regime in which the real rate of return to financial capital is persistently higher than it was in the relatively prosperous years between the end of World War II and the mid-1970s, but economic performance is persistently worse. Professor Smithin recommends drastic changes in attitude, in particular in the conduct of monetary policy, if a more secure prosperity is to be restored in the 21st century.
Macroeconomic Policy and the Future of Capitalism is an accessible, highly readable account of macroeconomic policy in the industrial nations which cuts through the complex mathematics and obscure jargon of most books on economics to deal with real issues.

Macroeconomic Policy and the Future of Capitalism addresses the revolution in macroeconomic policy of the last quarter of the twentieth century and the movement away from concerns with employment and growth in favour of financial variables such as inflation and exchange rates.John Smithin argues that this 'financial reaction' in macroeconomic policy is the result of a distinct shift in political power in favour of financial or 'rentier' interests, and away from both labor and manufacturing business. The outcome is a regime in which the real rate of return to financial capital is persistently higher than it was in the relatively prosperous years between the end of World War II and the mid-1970s, but economic performance is persistently worse. Professor Smithin recommends drastic changes in attitude, in particular in the conduct of monetary policy, if a more secure prosperity is to be restored in the 21st century.Macroeconomic Policy and the Future of Capitalism is an accessible, highly readable account of macroeconomic policy in the industrial nations which cuts through the complex mathematics and obscure jargon of most books on economics to deal with real issues.

"The conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that the working of complex monetary economy could be analysed on the same principles as those of barter exchange, has demonstrably failed. This book provides a thorough rethinking of the nature of a monetary economy. It builds upon a complete theory of the domestic and international monetary macro-economy, and of macroeconomic policy for the modern age. Central to the analysis is the idea that a successful market economy requires an endogenous supply of money via the banking system. Therefore to achieve macroeconomic stability, the book proposes the targeting of real interest rates under a regime of flexible exchange rates or fixed but adjustable exchange rates as the main goal of monetary policy, along with a range of innovative fiscal and trade policies to promote economic growth, and thereby achieve full employment and a fair distribution of income"--

Beyond Barter: Lectures in Monetary Economics After 'Rethinking'

World Scientific Pub Co Inc

See the best price to sell, buy, or rent books by Smithin, John. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Smithin, John

See the best price to sell, buy, or rent books by Smithin, John. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

What is Money? (Routledge International Studies in Money and Banking)

Money, Enterprise and Income Distribution: Towards a Macroeconomic Theory of Capitalism

Rethinking the Theory of Money, Credit, and Macroeconomics: A New Statement for the Twenty-First Century

Rethinking the Theory of Money, Credit, and Macroeconomics: A New Statement for the Twenty-First Century

Controversies in Monetary Economics: Revised Edition

Controversies in Monetary Economics: Revised Edition

CONTROVERSIES IN MONETARY ECONOMICS: Ideas, Issues and Policy

Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity

Macroeconomic Policy and the Future of Capitalism: The Revenge of the Rentiers and the Threat to Prosperity

Beyond Barter: Lectures in Monetary Economics After 'Rethinking'