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Inadequacy of revenues and endogenous economic cycles in a monetary economy of production

Author

Listed:
  • Edouard Cottin-Euziol

    (LC2S - Laboratoire caribéen de sciences sociales - CNRS - Centre National de la Recherche Scientifique - UA - Université des Antilles)

  • Nicolas Piluso

    (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT2J - Université Toulouse - Jean Jaurès - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique, Comue de Toulouse - Communauté d'universités et établissements de Toulouse, IUT Toulouse Auch Castres - Institut Universitaire de Technologie - Paul Sabatier - UT3 - Université Toulouse III - Paul Sabatier - Comue de Toulouse - Communauté d'universités et établissements de Toulouse)

Abstract

The recurring cycles of economic activity in a capitalist economy have prompted a variety of explanations. Some of these focus on the excessive indebtedness of economic agents during a growth phase, which may result from overly optimistic behavior or excessive risk-taking. From a post-Keynesian circuit theory perspective, this article shows that this excess debt could also result from firms' current production expenditures generating insufficient income to enable them to purchase production. In this case, society must go into debt to consume what it produces, creating ever-increasing debt. This situation tends to be reversed during a depression. Based on these assumptions, endogenous cycles of economic activity can be modeled within the framework of a monetary economy of production.

Suggested Citation

  • Edouard Cottin-Euziol & Nicolas Piluso, 2026. "Inadequacy of revenues and endogenous economic cycles in a monetary economy of production," Post-Print hal-05635254, HAL.
    • Handle: RePEc:hal:journl:hal-05635254
    DOI: 10.4337/ejeep.2026.01.05
    as

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