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The progressive ‘euthanasia of the rentier’ was for Keynes the price society paid for securing full employment, decent public goods and services, and economic stability. Given that the rentier was hardly likely to engineer his or her own demise, then the assertion of public authority over the finan…

[...] The outcome of low yields on government bonds is the massive inflation of property prices [...]

Central to Keynes’s theory is an understanding of bank money not just as a means of creating purchasing power for the purposes of exchange, but also as a store of value. When, after borrowing and investing, the holder of borrowed money makes profits or capital gains, she will face decisions about w…

A small group of distinguished economists all understood that money as part of a developed monetary system is not, and never has taken the form of a commodity. Instead money and the rate of interest are both social constructs: social relationships and social arrangements based primarily and ultim…

Furthermore, because neoclassical economists conceive of money as having (like gold or silver) a scarcity value, they theorise as if money is subject to market forces, as if money’s ‘price’ – the rate of interest – is a consequence of the supply of and demand for money. Many argue that like commodi…