Re: [OPE] Did Marx have a loanable funds theory of the interest rate?

From: Costas Lapavitsas <>
Date: Thu Jan 28 2010 - 03:27:02 EST

You might find of use the work I have done on money hoarding in the circuit
of capital and the general formation of loanable capital. A point of
access for this and related literature would be my book on Social
Foundations of Markets, Money and Credit. Related work, with some technical
treatment of the circuit of capital using Foley-type models, is currently
done within Reseach on Money and Finance. A lot of indirectly related stuff
can be found already on, though the site is about to be
relaunched next week with a far fuller format.

This is one of the most important topics facing Marxist theory of finance,
in my view. What is loanable capital, how is it formed and what are the
social layers corresponding to it, are burning questions in financialised
capitalism. The more people that work on them, the better.


On 28 January 2010 06:30, Ian Wright <> wrote:

> > I think that is a correct presentation, but he never gets as far as
> constructing any theory of :
> > 1. what determines the stock of loanable funds
> > 2. what determines the demands for loanable funds
> >
> > in consequence he has no real theory of the interest rate
> I think that's an astute observation of this aspect of his unfinished
> notes in Vol. 3.
> Can you recommend any literature on this topic?
> Thanks,
> -Ian.
> _______________________________________________
> ope mailing list

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Received on Thu Jan 28 03:29:29 2010

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