케인즈 체계와 내생화폐이론의 부조화
Is Keynes' System in Harmony with Endogenous Money Theory?
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본고는 케인즈 화폐이론에서 내생성을 강조하는 포스트 케인지안의 해석이 케인즈 체계에 오히려 해가 되며 내생화폐론이 케인즈/포스트케인지안을 다른 학파와 구분하는 핵심적 기준이 되지 못함을 지적하고 있다. 이런 주장을 뒷받침하기 위해 다음의 세 가지를 논의하였다. 첫째, 화폐수요에 따라 화폐량이 변하는 것이 아니라는 주장을 케인즈의 주요 저작에서 확인하는 것이다. 이는 화폐량이 화폐수요에 의해 결정된다는 화폐내생성의 기본개념과 상반되는 주장이다. 둘째 20세기 초 화폐이론에서는 화폐내생성이 보편적으로 등장하고 있기 때문에 이를 케인즈만의 특징이라고 보기 어려우며 오히려 포스트케인지안과 상반되는 입장을 가진 하이에크에서 내생성은 가장 강조되고 있음을 서술하였다. 따라서 내생성이 케인즈/포스트 케인지안을 다른 논자들과 구분하는 핵심적 기준이 되기는 어렵다. 또한 포스트 케인지안이 거부하는 ‘실물분석’에서도 내생성은 중요한 역할을 하고 있다. 셋째 내생성을 강조하는 것은 유동성선호이론과 대부자금이론의 대립구도에서 케인즈를 방어하는 수단이 되지 못함을 지적했다. 왜냐하면 대부자금이론에도 화폐내생성의 요소가 담겨 있기 때문이다. 내생성을 강조하는 것은 유동성선호이론이 대부자금이론과 본질적으로 다른 이론이 아니라는 대부자금론자들의 주장을 따라가는 것이 된다.
Abstract
This paper argues that Post-Keynesian endogenous money theory does not make any contribution to the defense of Keynes' theory, and that endogenous money theory does not differentiate Keynes/Post-Keynesian from orthodox Neoclassicals. Three grounds of this argument are presented. First, in Keynes' main works, we find out his argument that the quantity of money is not determined by money demand of the public. His argument conflicts with endogenous money theory wherein the quantity of money is determined by money demand. Second, at the beginning of the twentieth century, the endogenous money hypothesis was simply ubiquitous in most theories of money. So, we cannot regard endogenous money as a defining characteristic of Keynes and Post-Keynesian. It is in Hayekian theory of money as opposed to Keynes' money theory that endogenous money plays a prominent role. The irony is that Post-Keynesian theory is, in many respects, incompatible with Hayekian theory. Moreover, it should be noted that so-called 'Real Analysis' which Post-Keynesian criticize involves endogenous money theory. Third, in the debate of Liquidity Preference vs. Loanable Fund, endogenous money does not play any role in defense of Keynes. Given that Loanable Fund theory is closely related to endogenous money, placing emphasis on endogenous money is tantamount to accepting Loanable Fund theorists' argument that Liquidity Preference is not an alternative theory of the rate of interest.
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