Pedagogical approaches to theories of endogenous versus exogenous money Online publication date: Tue, 17-Aug-2010
by Stephen Kinsella
International Journal of Pluralism and Economics Education (IJPEE), Vol. 1, No. 3, 2010
Abstract: Pedagogical pluralism is difficult to implement in practice. This paper contrasts two approaches to the modelling of money in macroeconomics: the stock-flow consistent macroeconomic model of Godley and Lavoie and the mainstream neoclassical dynamic general equilibrium model of Barro. Students can contrast and compare approaches effectively when thematic overlaps are significantly large to make comparisons obvious. Only then should a pluralist approach be considered desirable.
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