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The Monetary Theory of Production

Author: Augusto Graziani

Publisher: Cambridge University Press

Published: 2003-09-04

Total Pages: 190

ISBN-13: 113943800X

In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. 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 flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.

The Theory of the Monetary Circuit

Author: Augusto Graziani

Publisher:

Published: 1989

Total Pages: 26

ISBN-13: 9780902169395

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The Deficit Myth

Author: Stephanie Kelton

Publisher: PublicAffairs

Published: 2020-06-09

Total Pages: 311

ISBN-13: 1541736206

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A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Monetary Theory and the Trade Cycle

Author: F. A. Hayek

Publisher: Martino Fine Books

Published: 2012-07-01

Total Pages: 246

ISBN-13: 9781614273271

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2012 Reprint of 1932 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. This essay is one of the important early works that together "represent the first integration and systematic elaboration of the Austrian theories of money, capital, business cycles, and comparative monetary institutions, which constitute the essential core of Austrian macroeconomics. Indeed these works have profoundly influenced postwar expositions of Austrian or "capital-based" macroeconomics down to the present day. The creation of such an oeuvre would be a formidable intellectual feat over an entire lifetime; it is an absolute marvel when we consider that Hayek had completed it in the span of eight years (1929-1937) and still well shy of his fortieth birthday."-- Joseph T. Salerno

The Monetary Theory of Production

Author: G. Fontana

Publisher: Springer

Published: 2005-04-15

Total Pages: 303

ISBN-13: 0230523072

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This volume examines the theory of monetary circulation and applies it to several modern issues including unemployment, inflation, distribution and economic policies. It will provide a valuable contribution to the field of monetary economics, and in particular, its development of non-neoclassical approaches to monetary economics.

Collected Papers on Monetary Theory

Author: Robert E. Lucas Jr.

Publisher: Harvard University Press

Published: 2013-01-07

Total Pages: 517

ISBN-13: 0674071212

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Robert Lucas is one of the outstanding monetary theorists of the past hundred years. Along with Knut Wicksell, Irving Fisher, John Maynard Keynes, James Tobin, and Milton Friedman (his teacher), Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. Lucas’s contributions are both methodological and substantive. Methodologically, he developed dynamic, stochastic, general equilibrium models to analyze economic decision-makers operating through time in a complex, probabilistic environment. Substantively, he incorporated the quantity theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long run. He also showed the different effects of anticipated and unanticipated changes in the stock of money on economic fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips curve) that policy-makers could exploit. The twenty-one papers collected in this volume fall primarily into three categories: core monetary theory and public finance, asset pricing, and the real effects of monetary instability. Published between 1972 and 2007, they will inspire students and researchers who want to study the work of a master of economic modeling and to advance economics as a pure and applied science.

Money, Distribution Conflict and Capital Accumulation

Author: E. Hein

Publisher: Springer

Published: 2007-12-19

Total Pages: 214

ISBN-13: 023059560X

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This book demonstrates that 'monetary analysis', as contained in Post-Keynesian monetary theories, but also in the Neo-Ricardian monetary theory of distribution and in Marx's monetary analysis, can be integrated into Post-Keynesian models of distribution of growth in a convincing way.

New Approaches to Monetary Theory

Author: Heiner Ganßmann

Publisher: Routledge

Published: 2012-03-12

Total Pages: 291

ISBN-13: 1136820132

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Everybody uses money every day, but we rarely stop to think about how money works. In this book, scholars from different disciplines seek to answer that question; from historians to economists, sociologists, a philosopher and a physicist. Money works as a social construction because we have mutual expectations that support its use – despite the seeming irrationality of trading valuable things or doing strenuous work for pieces of paper or numbers in accounts. Recently, there has been a revival of interest in monetary theory, not least because the impacts of globalizing markets and of new communication and information technologies have changed the forms of money. The deep crisis of the financial system has demonstrated the importance of a functioning monetary system and although renewed interest in this has led to significant contributions in various fields, it remains true that no social science discipline on its own is sufficiently equipped to explain the basic workings of monetary systems, their rapid innovation and their effects on social, economic and political structures. The contributors to this book report on their latest research on the origins of money, on the nature of monetary transactions, on money and the state, and on the role of money and finance in the recent global crisis. They show how established theories of money and the policies guided by these theories went wrong. This collection will be a valuable resource for students and researchers seeking a deeper understanding of money.

Modern Money Theory

Author: L. Randall Wray

Publisher: Springer

Published: 2015-09-22

Total Pages: 322

ISBN-13: 1137539925

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This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

The General Theory of Employment, Interest, and Money

Author: John Maynard Keynes

Publisher: Springer

Published: 2018-07-20

Total Pages: 404

ISBN-13: 3319703447

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This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.