Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality

Post Keynesians and Circuitists have championed the view that money is not neutral. The former has emphasised that money is a liquid store of wealth held by agents to provide an escape route from uncertainty. The latter has stressed that money serves as means of payment that allows agents to accomplish transactions for accommodating expected and unexpected changes during the circuit of production and circulation of goods. Together, Post Keynesians and Circuitists have revived Keynes’s concern with the formulation of a monetary theory of production grounded on the intimate and complex link between money and uncertainty.