This collection of essays in the tradition of monetary circuit theory, also known as monetary theory of production, elaborates on the foundations of modern monetary macroeconomics. It contributes to a new approach to monetary analysis, which provides original insights into the complex fields of money, banking, and finance. The contributors, all prominent experts in these fields, explain a number of economic activities, such as production, consumption, investment, and fixed capital accumulation, in terms of monetary circuits, providing a deeper understanding of the working of contemporary economic systems. This book offers an original analysis of the fundamental factors that led to the current global economic and financial crisis. It will be of great interest to students, postgraduates and scholars in monetary economics, as well as to practitioners and decision makers involved in monetary, banking and financial policies.
Preface: An Alternative (Monetary) Theory of the Market Economy: Work in Progress; F.Ülgen
Circuit Theory Supplementing Keynes's Genuine Analysis of the Monetary Economy of Production; C.Gnos
Bridging the Gap between Monetary Circuit Theory and Post-Keynesian Monetary Theory; J.Jespersen
Monetary Circuit Theory and Money Emissions; S.Rossi
The Existence of Profits within the Monetary Circuit: Some Unanswered Questions Revisited; L.Rochon
Saving, Firms' Self-Financing, and Fixed Capital Formation in the Monetary Circuit; J.Bailly
Finance and the Realization Problem in Rosa Luxemburg: a 'Circuitist' Reappraisal; R.Bellofiore & M.Passarella
Money, Capital Turnover, and the Leisure Class: Thorstein Veblen's Tips for a Monetary Theory of Production; G.Forges-Davanzati & R.Realfonzo
From Wicksell to Keynes? Some Thoughts on the Role of a Central Bank in the Tradition of Monetary Circuit Theory; S.Figuera
The Dynamics of the Monetary Circuit; S.Keen
The Financialization of Modern Economies in Monetary Circuit Theory; M.Pilkington
JEAN-FRANÇOIS PONSOT is Associate Professor of Economics at the University Pierre-Mendès-France, Grenoble, France. He has been Post-Doctoral Researcher at the Central Bank of Ecuador, before being hired as Assistant Professor at Laurentian University, Canada. He has published in international journals and scientific books, on dollarization, currency boards, international monetary integration, and Keynes's economics.
SERGIO ROSSI is Professor of Economics at the University of Fribourg, Switzerland. He has a DPhil degree from the University of Fribourg and a PhD degree from University College London. His research interests are in the area of monetary economics. He has authored and edited many books, contributed several chapters to books, and widely published in international journals.
Description
This collection of essays in the tradition of monetary circuit theory, also known as monetary theory of production, elaborates on the foundations of modern monetary macroeconomics. It contributes to a new approach to monetary analysis, which provides original insights into the complex fields of money, banking, and finance. The contributors, all prominent experts in these fields, explain a number of economic activities, such as production, consumption, investment, and fixed capital accumulation, in terms of monetary circuits, providing a deeper understanding of the working of contemporary economic systems. This book offers an original analysis of the fundamental factors that led to the current global economic and financial crisis. It will be of great interest to students, postgraduates and scholars in monetary economics, as well as to practitioners and decision makers involved in monetary, banking and financial policies.
Contents
Preface: An Alternative (Monetary) Theory of the Market Economy: Work in Progress; F.Ülgen
Circuit Theory Supplementing Keynes's Genuine Analysis of the Monetary Economy of Production; C.Gnos
Bridging the Gap between Monetary Circuit Theory and Post-Keynesian Monetary Theory; J.Jespersen
Monetary Circuit Theory and Money Emissions; S.Rossi
The Existence of Profits within the Monetary Circuit: Some Unanswered Questions Revisited; L.Rochon
Saving, Firms' Self-Financing, and Fixed Capital Formation in the Monetary Circuit; J.Bailly
Finance and the Realization Problem in Rosa Luxemburg: a 'Circuitist' Reappraisal; R.Bellofiore & M.Passarella
Money, Capital Turnover, and the Leisure Class: Thorstein Veblen's Tips for a Monetary Theory of Production; G.Forges-Davanzati & R.Realfonzo
From Wicksell to Keynes? Some Thoughts on the Role of a Central Bank in the Tradition of Monetary Circuit Theory; S.Figuera
The Dynamics of the Monetary Circuit; S.Keen
The Financialization of Modern Economies in Monetary Circuit Theory; M.Pilkington
Authors
JEAN-FRANÇOIS PONSOT is Associate Professor of Economics at the University Pierre-Mendès-France, Grenoble, France. He has been Post-Doctoral Researcher at the Central Bank of Ecuador, before being hired as Assistant Professor at Laurentian University, Canada. He has published in international journals and scientific books, on dollarization, currency boards, international monetary integration, and Keynes's economics.
SERGIO ROSSI is Professor of Economics at the University of Fribourg, Switzerland. He has a DPhil degree from the University of Fribourg and a PhD degree from University College London. His research interests are in the area of monetary economics. He has authored and edited many books, contributed several chapters to books, and widely published in international journals.
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