ABSTRACT
In his chapter on money in the original Post Keynesian Guide, Basil Moore (1978) stressed the importance of historical time and the value of liquidity in an uncertain world. He also set forth the horizontalist approach to money, noting that central banks cannot control the money supply and that money was therefore endogenous. Moore linked money, finance, and investment along the lines suggested by Keynes and Kalecki, and emphasized that the way investment gets financed in a capitalist economy is likely to generate cyclical behavior.
