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Quantum macroeconomics: A tribute to Bernard Schmitt


  • Alvaro Cencini

    (University of Lugano, Switzerland)

  • Claude Gnos

    (University of Burgundy, Dijon, France)

  • Sergio Rossi

    (University of Fribourg, Switzerland)


Bernard Schmitt, the founder of quantum macroeconomics, died on 26 March 2014. His legacy concerns the discovery of the logical laws of monetary macroeconomics and extends to the explanation of the origin and nature of economic and financial crises. Starting from a novel conception of bank money, he was able to show that economics is founded on true macroeconomic laws, which take the form of logical identities. This paper is a brief and necessarily incomplete introduction to the main themes of Schmitt's macroeconomic analysis. It ranges from the distinction between money and income that lies at the hearth of his theory of the circuit, to the investigation of inflation and unemployment as pathological manifestations of a macroeconomic disorder, to the groundbreaking discovery of the mechanism of duplication leading to the formation of sovereign debt.

Suggested Citation

  • Alvaro Cencini & Claude Gnos & Sergio Rossi, 2016. "Quantum macroeconomics: A tribute to Bernard Schmitt," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 39(110), pages 65-75, Mayo.
  • Handle: RePEc:cud:journl:v:39:y:2016:i:110:p:65-75

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    Cited by:

    1. Pesenti, Amos, 2016. "The meaning of monetary stability," FSES Working Papers 475, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.

    More about this item


    Financial crises; Inflation; Monetary economies of production; Money and banking; Quantum macroeconomics; Sovereign debt; Unemployment;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems


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