Abstract Since the publication of The General Theory the relationship between money and the principle of effective demand has been a matter of never-ending studies by the Keynesian economists. There are at least three different ways to explain this relationship. The first explanation lies in the liquidity preference theory. The second, points out that the decisions to accumulate a kind of money differing from a commodity obtained by labor may cause a level of aggregate demand insufficient to absorb the level of income corresponding to full employment. Finally, the third explanation is associated with the endogenous money theory. The first aim of this paper is to highlight the limits of these analyses. The second aim is to present a different explanation of the monetary nature of the principle of effective demand based on Schumpeter’s analytical approach which underlines the role of bank money in a capitalist economy.

中文翻译：

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论有效需求原则的货币性质

摘要 自《通论》出版以来，货币与有效需求原理之间的关系一直是凯恩斯主义经济学家永无止境的研究课题。至少有三种不同的方式来解释这种关系。第一种解释在于流动性偏好理论。第二，指出积累一种不同于劳动获得的商品的货币的决定可能导致总需求水平不足以吸收与充分就业相对应的收入水平。最后，第三种解释与内生货币理论有关。本文的第一个目的是强调这些分析的局限性。