|Born||6 June 1933|
|Died||8 March 2018 84) (aged|
Stellenbosch, South Africa
|Contributions||Endogenous money theory|
|Information at IDEAS / RePEc|
Basil John Moore was a Canadian post-Keynesian economist, best known for developing and promoting endogenous money theory, particularly the proposition that the money supply curve is horizontal, rather than upward sloping, a proposition known as horizontalism . He was the most vocal proponent of this theory,and is considered a central figure in post Keynesian economics
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
An economist is a practitioner in the social science discipline of economics.
The money supply is the total value of money available in an economy at a point of time. There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits. Each country’s central bank may use its own definitions of what constitutes money for its purposes.
Moore studied economics at the University of Toronto and at Johns Hopkins University. In 1958 he started a distinguished academic career at Wesleyan University in Middletown, Connecticut and became professor emeritus at the University.He left in 2003 to move to South Africa where he joined the University of Stellenbosch with which he had long maintained an association and, "where he was Professor Extraordinary of Economics."
The University of Toronto is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in the colony of Upper Canada. Originally controlled by the Church of England, the university assumed the present name in 1850 upon becoming a secular institution. As a collegiate university, it comprises eleven colleges, which differ in character and history, each with substantial autonomy on financial and institutional affairs. It has two satellite campuses in Scarborough and Mississauga.
Johns Hopkins University is a private research university in Baltimore, Maryland. Founded in 1876, the university was named for its first benefactor, the American entrepreneur, abolitionist, and philanthropist Johns Hopkins. His $7 million bequest —of which half financed the establishment of Johns Hopkins Hospital—was the largest philanthropic gift in the history of the United States up to that time. Daniel Coit Gilman, who was inaugurated as the institution's first president on February 22, 1876, led the university to revolutionize higher education in the U.S. by integrating teaching and research. Adopting the concept of a graduate school from Germany's ancient Heidelberg University, Johns Hopkins University is considered the first research university in the United States. Over the course of several decades, the university has led all U.S. universities in annual research and development expenditures. In fiscal year 2016, Johns Hopkins spent nearly $2.5 billion on research.
Wesleyan University is a private liberal arts college in Middletown, Connecticut. It is a baccalaureate college that emphasizes undergraduate instruction in the arts and sciences, but also grants research master's and doctoral degrees in many academic disciplines.
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Moore emphasizes the mechanics of credit creation, particularly lines of credit extended by banks to large corporations on the money supply. He argues that the ability of commercial banks to extend credit is limited only by demand for money by creditworthy borrowers, as central banks are compelled to act to ensure there is always a sufficient supply of money for demand to be met (at their target interest rate).
Moore contrasted his own "horizontalist" view of the money supply, shared by some post-Keynesian economists, with a more mainstream "structuralist" view of the economy, in which the quantity of money is supply- constrained.
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James Tobin was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known Tobit model. Along with fellow Neo-Keynesian economist James Meade in 1977, Tobin proposed nominal GDP targeting as a monetary policy rule in 1980. Tobin received the Nobel Memorial Prize in Economic Sciences in 1981 for "creative and extensive work on the analysis of financial markets and their relations to expenditure decisions, employment, production and prices."
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Stellenbosch University is a public research university situated in Stellenbosch, a town in the Western Cape province of South Africa. Stellenbosch is jointly the oldest university in South Africa and the oldest extant university in Sub-Saharan Africa alongside the University of Cape Town which received full university status on the same day in 1918. Stellenbosch University designed and manufactured Africa's first microsatellite, SUNSAT, launched in 1999.
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