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Copyright © Cambridge Political Economy Society

research-article

Some reflections on Keynes's ‘finance motive’ for the demand for money

Jörg Bibow*

*Girton College Cambridge

Abstract

This essay offers a fresh interpretation of Keynes's ‘finance motive’. Some competing interpretations are assessed, which, it is argued, are inconsistent with the conceptual framework of Keynes's monetary analysis. The finance motive is interpreted as an intrinsically dynamic conception, which displays important aspects of Keynes's monetary thought not brought out in the current macroeconomic paradigm. The essay attempts to show that liquidity preference theory should be understood in a dynamic context as a theory of financial intermediation.

Manuscript received April 26, 1993; final version received November 22, 1993.


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