Basil Moore

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Basil Moore
Born(1933-06-06)6 June 1933
Toronto, Canada
Died8 March 2018(2018-03-08) (aged 84)
Stellenbosch, South Africa
Nationality Canada
School or
Post-Keynesian economics
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, [1] and is considered a central figure in post Keynesian economics [2]

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.

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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. [3] 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." [4] [5]

University of Toronto university in Toronto, Ontario, Canada

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 Private research university in Baltimore, Maryland

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Wesleyan University private liberal arts college in Middletown, Connecticut

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.


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.

Selected bibliography

International Standard Book Number Unique numeric book identifier

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  1. A history of post Keynesian economics since 1936, by J. E. King, Edward Elgar Publishing, 2003, p. 175.
  2. Rochon, LP (2006). in Essays in Honour of Basil J. Moore and Macroeconomic Theory: Essays in Honour of ... Edward Elgar. pp. 170–186. Retrieved 16 March 2015.
  3. The Macroeconomics of Credit Money Archived April 14, 2011, at the Wayback Machine
  4. Complexity, Endogenous Money And Macroeconomic Theory: Essays in Honour Of Basil J. Moore by Mark Setterfield, (ed.), Edward Elgar Publishing, 2006, p.1.
  5. "Economics – Wesleyan University". Archived from the original on 2008-05-13. Retrieved 2011-03-20.
Stellenbosch University University in South Africa

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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