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The post-Keynesian approach to the nature of money brings some other conclusion to the monetary policy, independence of a central bank, & function of commercial banks. The source money is created by demand of businessmen especially. Loans create deposits, deposits create reserves. Central bank plays two roles: lender of last resort & inflation supervisor. Crediting by commercial banks & their credit policy in post-Keynesian economics is considered as credit rationing. If the role of central bank -- lender of last resort -- is not connected with changes of regulation, which reduce new practice of financial markets to avoid regulation, the influence of central bank to fight with inflation declines. Post-Keynesian economics is not directed against competence & independence of central bank. On the contrary, it welcomes the more direct influence of central bank on commercial banks & other financial institutions, however, with use of alternative limiting facilities. 2 Graphs, 15 References. Adapted from the source document.

This paper presents a restatement of Keynes's underemployment equilibrium as a center-equilibrium system. The authors present their centralequilibrium underemployment model with the income-balancing mechanism. The authors postulate the existence of a causal link between the fundamental uncertainty and the center-equilibrium underemployment. Two channels of fundamental uncertainty are suggested here to capture this causal link, the capital channel and the money channel. Drawing upon Davidson (2009, p. 333; 1991, p. 138), the authors identify the capital channel of fundamental uncertainty with the entrepreneurial risk and the money channel of fundamental uncertainty with the cash-flow-managerial risk of asset-liability mismatch. From this, the author infer a conclusion that the economic policy of flexible liquidity supply cannot be mixed up with an economic policy of governmental spending under a highly ambiguous term "money pumping".

Czech economic thought during the period 1948-1969 was full of sudden turns. Its development was determined by political conditions & spiritual climate that were the result of Stalinist soviet type socialism. During the first half of the 1950s the plurality of economic ideas was substituted by the Stalinist version of Marxist-Leninist political economy using violent methods. Low efficiency of the command system & emerging reform climate in the USSR under N. S. Khrushchev opened the door to the reform thinking of the second half of 1950s & the 1960s in Czechoslovakia. During the 1960s the development of the reform thinking together with renaissance of the theoretical economic thinking culminated in the economic reform of Otto Sik & his team, & democratization process of the Prague Spring of 1968. Promising developments ended as a consequence of the Warsaw Treaty troops invasion in Aug 1968. 75 References. Adapted from the source document.