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Exchange liquidity and redemption liquidity

- Culham, James

  • Authors: Culham, James
  • Date: 2023
  • Type: Text , Journal article
  • Relation: Cambridge Journal of Economics Vol. 47, no. 3 (2023), p. 667-679
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  • Description: Disagreements over the nature of money and consequent confusions regarding liquidity contribute to difficulties integrating monetary theory into the theory of value. For example, an abundance of market liquidity is assumed in asset pricing, whereas a scarcity of monetary liquidity is deemed necessary for consumer price-level determinacy. This paper builds on the insights gained from the evolution of finance to introduce a distinction between exchange liquidity and redemption liquidity as a means of resolving this conceptual dissonance. Both exchange and redemption liquidity can be conceptualised as types of financial option differing in the exercise mechanism offered to the option holder by the option-writer. © 2023 The Author(s). Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Time, equilibrium and uncertainty : Bergson and Robinson

- Culham, James

  • Authors: Culham, James
  • Date: 2023
  • Type: Text , Journal article
  • Relation: Cambridge Journal of Economics Vol. 47, no. 5 (2023), p. 909-930
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  • Description: The philosophy of Henri Bergson can lend fresh perspectives on some central aspects of post-Keynesian economic thought. Bergson’s concept of duration offers philosophical reinforcement for Joan Robinson’s criticisms of the treatment of time, equilibrium and uncertainty in economics.When the economy is recognised to be a dynamic living system, in which the accumulation of capital is an historical process inseparable from technical innovation, the effect of time is of utmost importance. Duration provides greater understanding of an economy moving through historical time, while adding depth to Robinson’s doubts about the validity of utility, and consequently expected utility theory. Bergson’s philosophy of evolution and duration provides a valuable basis for understanding many of the classical issues in political economy. © The Author(s) 2023. Published by Oxford University Press on behalf of the Cambridge Political Economy Society.
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