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2004•Brazilian Journal of Political EconomyOpen access

Monetary orthodoxy and heterodoxy

Maria de Lourdes Rollemberg Mollo

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Abstract

The paper reviews the controversies on the neutrality/non-neutrality of money in the History of Economic Thought establishing criteria for the classification of orthodoxy and heterodoxy, especially in what concerns monetary issues. The article emphasizes the non-neutrality of money on the perspective of the Marxian monetary theory of inflation, making its point on the differences of the Monetarist theory of inflation. JEL Classification: E4; E5; E11; E12; E40; E50.

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The paper reviews the controversies on the neutrality/non-neutrality of money in the History of Economic Thought establishing criteria for the classification of orthodoxy and heterodoxy, especially in what concerns monetary issues. The article emphasizes the non-neutrality of money on the perspective of the Marxian monetary theory of inflation, making its point on the differences of the Monetarist theory of inflation. JEL Classification: E4; E5; E11; E12; E40; E50.

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Available abstract

The paper reviews the controversies on the neutrality/non-neutrality of money in the History of Economic Thought establishing criteria for the classification of orthodoxy and heterodoxy, especially in what concerns monetary issues. The article emphasizes the non-neutrality of money on the perspective of the Marxian monetary theory of inflation, making its point on the differences of the Monetarist theory of inflation. JEL Classification: E4; E5; E11; E12; E40; E50.

Key concepts: Heterodoxy, Orthodoxy, Monetarism, Inflation (cosmology), Keynesian economics, Economics, Neutrality, Perspective (graphical)

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