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Money, income, and profit: lessons from the monetary theory of production

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Carrera, Andrea and Rossi, Sergio (2015) Money, income, and profit: lessons from the monetary theory of production. Iberian Journal of the History of Economic Thought, 2 (1). pp. 48-60. ISSN 2386-5768

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Official URL: http://revistas.ucm.es/index.php/IJHE




Abstract

In this paper we analyze Augusto Graziani’s numerous contributions to the monetary theory of production, which he developed from a theoretical but also a policy-oriented perspective. We focus on the rejection of the neoclassical dichotomy, the causal relation between production and money creation, and the definition of macroeconomic saving. These three dimensions of Graziani’s work can be identified in the framework of the monetary circuit, in the tradition of classical and Marxian economic thought. The outcome of Graziani’s investigations sheds light on the working of a monetary economy of production from the issuance of bank money to the distribution of income and capital accumulation.


Item Type:Article
Uncontrolled Keywords:Keynesian theories, Theories of the monetary circuit, Investment.
Subjects:Social sciences > Economics > Money
Social sciences > Economics > Economics
JEL:E12, E22, E23
ID Code:35910
Deposited On:25 Feb 2016 09:00
Last Modified:17 Dec 2018 16:11

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