On Realizing Profits in Money
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.
Volume (Year): 14 (2002)
Issue (Month): 4 ()
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- Nell,Edward J., 1998. "The General Theory of Transformational Growth," Cambridge Books, Cambridge University Press, number 9780521590068, December.
- Joseph M. Ostroy & Ross M. Starr, 1988.
"The Transactions Role of Money,"
UCLA Economics Working Papers
505, UCLA Department of Economics.
- Edward J. Nell, 1967. "Wicksell's Theory of Circulation," Journal of Political Economy, University of Chicago Press, vol. 75, pages 386-386.
- 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.
- Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
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