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Money, interest and rentiers: the twilight of rentier capitalism in Keynes's General Theory

Marc Lavoie and Mario Seccareccia

Summary

We underline the more radical implications of Keynes's monetary analysis, in paricular for public policy. We emphasize the institutional character of his analysis, discuss Keynes's support for a policy of low interest rates, whose ultimate impact would be to reduce the significance of the rentier share of income -- the euthanasia of the rentier. We conclude with an analysis of distribution policy in Keynes's work and the empirical significance of the distributive transfer mechanism implied by low or high interest rates over the business cycle.

 

 
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