2.2. Money in Regulation Theory

From its very inception in the late 1970s, Regulation Theory (RT) has made important contributions to clarify the role of money in our economic system. In this regard, RT has continued a long tradition of heterodox thinkers, beginning with Karl Marx and John Maynard Keynes, for whom money was the starting point for theoretical alternatives to the (essentially non-monetary) equilibrium models of the neoclassical orthodoxy. Regulationists have done a very good job identifying the monetary condi..