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On Realizing Profits in Money

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  • Edward Nell
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    Abstract

    A basic if neglected step in monetary theory is to show that a given amount of money will enable all transactions to take place in money. But if the money advanced is no more than current costs, how are profits to be realized in money? The answer requires tracing the pattern of circulation, which, in turn depends on the structure of production and distribution. The sectors have different patterns of interdependence, so imply different sequences of transactions. Borrowing is costly, so the amount of money must be minimized. These issues have been brought into focus in the interesting article of J-F Renaud.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/0953825022000009933
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

    Volume (Year): 14 (2002)
    Issue (Month): 4 ()
    Pages: 519-530

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    Handle: RePEc:taf:revpoe:v:14:y:2002:i:4:p:519-530

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jean-Francois Renaud, 2000. "The Problem of the Monetary Realization of Profits in a Post Keynesian Sequential Financing Model: Two solutions of the Kaleckian option," Review of Political Economy, Taylor & Francis Journals, vol. 12(3), pages 285-303.
    2. Edward J. Nell, 1967. "Wicksell's Theory of Circulation," Journal of Political Economy, University of Chicago Press, vol. 75, pages 386.
    3. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
    4. Ostroy, Joseph M. & Starr, Ross M., 1990. "The transactions role of money," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 1, pages 3-62 Elsevier.
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    Cited by:
    1. Olivier Allain, 2007. "Monetary circulation, the paradox of profits, and the velocity of money," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196485, HAL.
    2. Guglielmo Forges Davanzati & Andrea Pacella, 2014. "Unemployment benefits, the ‘added worker effect’ and income distribution in a monetary economy," Working Papers PKWP1402, Post Keynesian Economics Study Group (PKSG).

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