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The Monetary Theory of Production

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  • Graziani,Augusto
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    Abstract

    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.

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    Bibliographic Info

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    This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521812115 and published in 2003.

    Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521812115
    Handle: RePEc:cup:cbooks:9780521812115

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    Cited by:
    1. Pascal Seppecher, 2012. "Jamel, a Java Agent-based MacroEconomic Laboratory," Working Papers halshs-00697225, HAL.
    2. Alessandro Caiani & Antoine Godin & Stefano Lucarelli, 2013. "Innovation and Finance: A Stock Flow Consistent Analysis of Great Surges of Development," INET Research Notes 34, Institute for New Economic Thinking (INET).
    3. Marco, Passarella, 2011. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the 'New Capitalism'," MPRA Paper 28499, University Library of Munich, Germany.
    4. Eugenio Caverzasi & Antoine Godin, 2013. "Stock-flow Consistent Modeling through the Ages," Economics Working Paper Archive wp_745, Levy Economics Institute.
    5. Gancho Ganchev, 2013. "The theory of the monetary circuit (English)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 15-25.
    6. Paulo dos Santos, 2013. "Demand, Production, and the Determinants of Distribution: A Caveat on “Wage-Led Growth”," Working Papers wp323, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung & Conseil d'‘Analyse � (ed.), 2010. "Evaluer la performance économique, le bien-être et la soutenabilité. Rapport du Conseil d’analyse économique et du Conseil allemand des experts en économie," Occasional Reports / Expertisen, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, number 75369.
    8. Emiliano Brancaccio & Giuseppe Fontana, 2013. "'Solvency rule' versus 'Taylor rule': an alternative interpretation of the relation between monetary policy and the economic crisis," Cambridge Journal of Economics, Oxford University Press, vol. 37(1), pages 17-33.
    9. Paulo L. dos Santos, 2013. "Credit Allocation, Profitability and Stability," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(69), pages 151-186, December.
    10. Gancho Ganchev, 2013. "The theory of the monetary circuit (Bulgarian)," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-14.
    11. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.
    12. Philip Arestis & Ana Rosa González, 2014. "The Housing Market-Bank Credit Relationship: Some Thoughts on Its Causality," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(2), pages 145-160, March.
    13. Cavalieri, Duccio, 2006. "The difficult task of integrating money in the theory of production," MPRA Paper 44097, University Library of Munich, Germany.
    14. Forges Davanzati, Guglielmo & Pacella, Andrea, 2013. "The profits-investments puzzle: A Post Keynesian-Institutional interpretation," Structural Change and Economic Dynamics, Elsevier, vol. 26(C), pages 1-13.
    15. Dirk J. Bezemer, 2012. "Modelos contables y comprensión de la crisis financiera," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 14(26), pages 47-76, January-J.
    16. Keen, Steve, 2013. "A monetary Minsky model of the Great Moderation and the Great Recession," Journal of Economic Behavior & Organization, Elsevier, vol. 86(C), pages 221-235.
    17. Nazim Kadri Ekinci, 2013. "Income distribution in a monetary economy," PSL Quarterly Review, Economia civile, vol. 66(267), pages 435-455.

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