The Monetary Theory of ProductionCambridge University Press, 4 de set. de 2003 In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic. |
Conteúdo
1 | |
2 Neoclassical monetary theory | 33 |
3 A monetary economy | 58 |
4 The creation of bank money | 82 |
5 The distribution of income | 96 |
6 The role of financial markets | 114 |
7 Real and monetary interest | 129 |
8 Implications for monetary policy | 138 |
9 Concluding remarks | 144 |
159 | |
170 | |
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Termos e frases comuns
amount analysis bank credit bank debt bank deposits bank loans banking system banks and firms budget constraint capital central bank chapter circuit theorists circulation approach commercial banks commodities market commodity money consequence consider consumer credit potential defined determined distribution endogenous money equal equilibrium condition F.A. Hayek fact financial market government deficit government expenditure government sector Graziani increase inflation interest rate Irving Fisher J.M. Keynes Keynes Keynesian labour liquid balances liquidity preference loans granted macroeconomic means of payment monetary base monetary circuit monetary economy monetary theory money prices money stock neoclassical model neoclassical theory neutrality of money paid in advance possible post-Keynesian Post-Keynesian Economic present problem production profits purchasing power rate of interest real consumption real terms real wages reserve ratio savers savings Schumpeter securities seigniorage similar single agents single bank stock of money sumer supply theory of money tion Tobin wage bill wage earners wealth Wicksell