Title: Pedagogical approaches to theories of endogenous versus exogenous money

Authors: Stephen Kinsella

Addresses: Department of Economics, Kemmy Business School, University of Limerick, Co. Limerick, Limerick, Ireland

Abstract: Pedagogical pluralism is difficult to implement in practice. This paper contrasts two approaches to the modelling of money in macroeconomics: the stock-flow consistent macroeconomic model of Godley and Lavoie and the mainstream neoclassical dynamic general equilibrium model of Barro. Students can contrast and compare approaches effectively when thematic overlaps are significantly large to make comparisons obvious. Only then should a pluralist approach be considered desirable.

Keywords: pedagogical pluralism; pedagogy; stock flow consistent modelling; macroeconomics; dynamic general equilibrium modelling; Godley; Lavoie; Barro; economics education.

DOI: 10.1504/IJPEE.2010.034689

International Journal of Pluralism and Economics Education, 2010 Vol.1 No.3, pp.276 - 282

Published online: 17 Aug 2010 *

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