IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/119511.html

Graziani’s circuit scheme. A methodological exploration

Author

Listed:
  • Baron, Hervé

Abstract

In the following paper, we shall focus on the Italian branch of the monetary circuit (or monetary theory of production). In particular, we shall attempt a methodical exploration of the theoretical production of the one who may rightly be considered the founding father of this branch: Augusto Graziani. We shall do this along three lines. Firstly, in the wake of Lunghini and Bianchi (2003), we shall argue that that of Graziani, far from being a complete model, is presented as a historically “open” scheme, which therefore needs “closure”. Secondly, we shall argue that this scheme should be considered as a logical, not historical, re-construction of the functioning of the capitalist economy. Finally, we shall illustrate how such a scheme stands at the highest possible level of abstraction.

Suggested Citation

  • Baron, Hervé, 2023. "Graziani’s circuit scheme. A methodological exploration," MPRA Paper 119511, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:119511
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/119511/1/MPRA_paper_119511.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Augusto Graziani, 1997. "The Marxist Theory of Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 26-50, June.
    2. Nicolò De Vecchi, 1995. "Entrepreneurs, Institutions And Economic Change," Books, Edward Elgar Publishing, number 129.
    3. Lavoie, Marc, 1996. "Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 275-300, August.
    4. Marc Lavoie, 1984. "The Endogenous Flow of Credit and the Post Keynesian Theory of Money," Journal of Economic Issues, Taylor & Francis Journals, vol. 18(3), pages 771-797, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    2. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, University Library of Munich, Germany.
    3. Hein, Eckhard, 2002. "Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation," WSI Working Papers 102, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    4. Hein, Eckhard, 2004. "Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics," MPRA Paper 18608, University Library of Munich, Germany.
    5. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    6. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post‐Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 310-339, May.
    7. M. Lopreite, 2012. "The endogenous money hypothesis and securitization: the Euro area case (1999-2010)," Economics Department Working Papers 2012-EP02, Department of Economics, Parma University (Italy).
    8. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Economics Working Paper Archive wp_302, Levy Economics Institute.
    9. Eckhard Hein, 2019. "Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(2), pages 238-259, September.
    10. Hein, Eckhard, 2010. "The rate of interest as a macroeconomic distribution parameter: Horizontalism and Post-Keynesian models of distribution of growth," MPRA Paper 23372, University Library of Munich, Germany.
    11. Bibi, Samuele & Canelli, Rosa, 2023. "The interpretation of CBDC within an endogenous money framework," Research in International Business and Finance, Elsevier, vol. 65(C).
    12. Eckhard Hein, 2006. "Interest, Debt and Capital Accumulation—A Kaleckian Approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 337-352.
    13. Thomas I. Palley, 2013. "Horizontalists, verticalists, and structuralists: the theory of endogenous money reassessed," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 406—424-4, OCT.
    14. Amine MAROUANE, 2018. "An Analysis of Tunisian Monetary Policy in a Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 213-227, June.
    15. Kehrwald, Bernie, 2014. "The Interest Rate in a Monetary Economy," MPRA Paper 102388, University Library of Munich, Germany, revised 12 Aug 2020.
    16. Eckhard Hein, 2010. "Shareholder Value Orientation, Distribution And Growth—Short‐ And Medium‐Run Effects In A Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 61(2), pages 302-332, May.
    17. Hein, Eckhard, 2001. "Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union," WSI Working Papers 95, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    18. Mark Setterfield, 2014. "An essay on horizontalism, structuralism and historical time," Working Papers 1402, Trinity College, Department of Economics.
    19. Hein, Eckhard, 2025. "Kaleckian economics after Kalecki: A survey," IPE Working Papers 257/2025, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    20. Hein, Eckhard & Dodig, Nina, 2014. "Financialisation, distribution, growth and crises: Long-run tendencies," IPE Working Papers 35/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    Keywords

    ;
    ;
    ;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:119511. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.