Abstract
The crisis that burst in 2007 has revealed a number of conceptual and methodological flaws of neoclassical economic analysis, based on rational behaviour, representative agents, and microfounded macroeconomics, where money and banking are considered as pertaining to the microeconomics of goods and business activities. Macroeconomic analysis requires a systemic approach to money and banking, both of which are essential for the working of any economic system. In this perspective, the paper explains how both have to be integrated into that analysis. It points out that macroeconomic analysis and policy making require a deep knowledge of the history of monetary thinking.
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