Basil John Moore (6 June 1933 - 8 March 2018) was a Canadian

post-Keynesian Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney ...

economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...

, best known for developing and promoting endogenous money theory, particularly the proposition that the

money supply In macroeconomics, money supply (or money stock) refers to the total volume of money held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circulation (i ...

curve is ''horizontal,'' rather than upward sloping, a proposition known as

horizontalism Horizontalism is an approach to money creation theory pioneered by Basil Moore which states that private bank reserves are not managed by central bank A central bank, reserve bank, national bank, or monetary authority is an institution th ...

. He was the most vocal proponent of this theory, and is considered a central figure in post Keynesian economics Moore studied economics at the

University of Toronto The University of Toronto (UToronto or U of T) is a public university, public research university whose main campus is located on the grounds that surround Queen's Park (Toronto), Queen's Park in Toronto, Ontario, Canada. It was founded by ...

and at

Johns Hopkins University The Johns Hopkins University (often abbreviated as Johns Hopkins, Hopkins, or JHU) is a private university, private research university in Baltimore, Maryland, United States. Founded in 1876 based on the European research institution model, J ...

. In 1958 he started a distinguished academic career at

Wesleyan University Wesleyan University ( ) is a Private university, private liberal arts college, liberal arts university in Middletown, Connecticut, United States. It was founded in 1831 as a Men's colleges in the United States, men's college under the Methodi ...

Middletown, Connecticut Middletown is a city in Middlesex County, Connecticut, United States. Located along the Connecticut River, in the central part of the state, 16 miles (25.749504 km) south of Hartford, Connecticut, Hartford. Middletown is the largest city in the L ...

and became professor emeritus at the University. He left in 2003 to move to South Africa where he joined the

University of Stellenbosch Stellenbosch University (SU) (, ) is a public research university situated in Stellenbosch, a town in the Western Cape province of South Africa. Stellenbosch is the oldest university in South Africa and the oldest extant university in Sub-Sahara ...

with which he had long maintained an association and, "where he was Professor Extraordinary of Economics."

Theory

Moore emphasizes the mechanics of credit creation, particularly

lines of credit A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution ma ...

extended by banks to large corporations on the

. He argues that the ability of commercial banks to extend credit is limited only by demand for money by creditworthy borrowers, as central banks are compelled to act to ensure there is always a sufficient supply of money for demand to be met (at their target interest rate). Moore contrasted his own "horizontalist" view of the money supply, shared by some post-Keynesian economists, with a more mainstream "structuralist" view of the economy, in which the quantity of money is supply- constrained.

Selected bibliography

* ''Shaking the Invisible Hand: Complexity, Endogenous Money and Exogenous Interest Rates'', 2006, * ''Horizontalists and Verticalists: The Macroeconomics of Credit Money,'' 1988, * ''The Endogeneity of Money: A Comment,'' Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(3), pp. 291–94, August, 1988. * ''Inflation and financial deepening,'' Journal of Development Economics, Elsevier, vol. 20(1), pp. 125–133, 1986. * ''Equities, Capital Gains, and the Role of Finance in Accumulation,'' American Economic Review, American Economic Association, vol. 65(5), pp. 872–86, December, 1975. * ''The Pasinetti Paradox Revisited,'' Review of Economic Studies, Wiley Blackwell, vol. 41(2), pp. 297–99, April, 1974. * ''Some Macroeconomic Consequences of Corporate Equities,'' Canadian Journal of Economics, Canadian Economics Association, vol. 6(4), pp. 529–44, November, 1973. * ''Optimal Monetary Policy,'' Economic Journal, Royal Economic Society, vol. 82(325), pp. 116–39, March, 1972. * ''Asset Management and Monetary Policy: Discussion,'' Journal of Finance, American Finance Association, vol. 24(2), pp. 242–44, May, 1969.

References

External links

Basil Moore
– homepage at

Stellenbosch University Stellenbosch University (SU) (, ) is a public research university situated in Stellenbosch, a town in the Western Cape province of South Africa. Stellenbosch is the oldest university in South Africa and the oldest extant university in Sub-Sahara ...

Debates in endogenous money: Basil Moore & Sheila Dow
by

Steve Keen Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific, and empirically unsupported. Keen was formerly an associate profe ...

Basil J. Moore’s Horizontalists and Verticalists Ulrich. Bindseil and Philipp J. König
{{DEFAULTSORT:Moore, Basil 1933 births 2018 deaths Canadian economists Post-Keynesian economists Wesleyan University faculty