The Monetary Theory of Production

ISBN-13: 9780521812115 / Angielski / Twarda / 2003 / 188 str.

Augusto Graziani

Opis

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 flow. Money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth in mainstream economic theory. In neither case is it considered fundamental to the production of goods or the distribution of income. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument which will stimulate debate.

Spis treści

1. Introduction; 2. Neoclassical monetary theory; 3. A monetary economy; 4. The creation of bank money; 5. The distribution of income; 6. The role of financial markets; 7. Real and monetary interest; 8. Implications for monetary policy; 9. Concluding remarks; References; Index.