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Some puzzles about money, finance and the monetary circuit

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  • John Smithin

Abstract

This paper discusses three puzzles about money and finance, having to do with the velocity of circulation, the Marxian concept of the monetary circuit and the deceptively simple question of whether there is enough money in existence at any point in time to purchase the full value of output. These issues take on particular significance at times of economic and financial crisis, but have often been neglected by the mainstream of the economics profession, leaving the field to Keynes’s ‘brave heretics’.

Suggested Citation

  • John Smithin, 2016. "Some puzzles about money, finance and the monetary circuit," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1259-1274.
    • Handle: RePEc:oup:cambje:v:40:y:2016:i:5:p:1259-1274.
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    File URL: http://hdl.handle.net/10.1093/cje/bew010
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    Cited by:

    1. Javidanrad, Farzad, 2021. "Paradox of Monetary Profit, Shortage of Money in Circulation & Financialisation," The Warwick Economics Research Paper Series (TWERPS) 1365, University of Warwick, Department of Economics.
    2. Eric Kam & John Smithin & Aqeela Tabassum, 2018. "The Long-Run Non-Neutrality of Monetary Policy: A General Statement in a Dynamic General Equilibrium Model," Working Papers 074, Ryerson University, Department of Economics.

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