The Monetary Theory of Production

1. Front Matter

   Pages i-xxi

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2. Introduction: The Monetary Theory of Production

   1. Introduction: The Monetary Theory of Production

      • Giuseppe Fontana, Riccardo Realfonzo

      Pages 1-19

3. The Tradition of the Monetary Theory of Production

   1. Front Matter

      Pages 21-21

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   2. Macroeconomic Analysis and Individual Economic Rationality: Some Lessons from Wicksell, von Mises and Schumpeter

      • Richard Arena, Agnès Festré

      Pages 23-38

   3. Monetary Economics after Wicksell: Alternative Perspectives within the Theory of the Monetary Circuit

      • Riccardo Bellofiore

      Pages 39-51

   4. Lost and Found: Some History of Endogenous Money in the Twentieth Century

      • Victoria Chick

      Pages 53-66

   5. Alternative Theories of the Rate of Interest: A Reconsideration

      • Gunnar Heinsohn, Otto Steiger

      Pages 67-81

   6. An Inquiry into a Dark Mystery in the History of the Monetary Theory of Production: What Went Wrong with the Early Contribution of Joan Robinson

      • Alain Parguez

      Pages 83-94

   7. Some Reflections on Changes in Keynes’s Analysis between the Treatise and the General Theory

      • Malcolm Sawyer

      Pages 95-107

4. Stocks and Flows in the Monetary Circuit

   1. Front Matter

      Pages 109-109

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   2. Single-Period Analysis: Financial Markets, Firms’ Failures and Closure of the Monetary Circuit

      • Marcello Messori, Alberto Zazzaro

      Pages 111-123

   3. The Existence of Monetary Profits within the Monetary Circuit

      • Louis-Philippe Rochon

      Pages 125-138

   4. Central Banking in a Monetary Theory of Production: The Economics of Payment Finality from a Circular-Flow Perspective

      • Sergio Rossi

      Pages 139-151

5. The Monetary Circuit and Unemployment

   1. Front Matter

      Pages 153-153

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   2. Bank Mergers, Monopoly Power and Unemployment: A Monetary Circuit Approach

      • Guglielmo Forges Davanzati, Riccardo Realfonzo

      Pages 155-171

   3. Circuit Theory and the Employment Issue

      • Claude Gnos

      Pages 173-183

6. Money, Inflation and Distribution

   1. Front Matter

      Pages 185-185

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   2. Non-Credit Money to Fight Poverty

      • Biagio Bossone, Abdourahmane Saw

      Pages 187-201

   3. Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights

      • Lilia Costabile

      Pages 203-216

   4. Monetary Theory of Production and Disequilibrium Inflation

      • Elie Sadigh

      Pages 217-227

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.

• duality
• economic policy
• economics
• employment
• equilibrium
• financial markets
• Inflation
• John Maynard Keynes
• macroeconomics
• monetary economics
• monetary theory
• poverty
• production
• Schumpeter
• unemployment

• University of Leeds, UK

  Giuseppe Fontana

• University of Sannio, Italy

  Giuseppe Fontana, Riccardo Realfonzo

RICHARD ARENA Professor of Economics, University of Nice-Sophia, Antipolis, France PHILIP ARESTIS University Director of Research, Cambridge University, UK and Institute Professor of Economics, Levy Economics Institute, USA RICCARDO BELLOFIORE Professor of Economics, University of Bergamo, Italy BIAGIO BOSSONE Executive Director to the World Bank for Italy, Portugal, Greece, Malta, Albania, San Marino and Timor Leste, and Associate Director at the Banca d'Italia, Italy VICTORIA CHICK Emeritus Professor of Economics, University College London, UK LILIA CONSTABILE Professor of Economics, University of Naples, Italy GHISLAIN DELEPLACE Professor of Economics, University Paris 8 - Saint Denis, France AGNÈS FESTRÉ Assistant Professor, University of Nice-Sophia Antipolis, France GUGLIELMO FORGES DAVANZATI Associate Professor of History of Economic Thought, University of Leece, Italy CLAUDE GNOS Associate Professor of Economics, University of Burgundy and Director of the Center for Monetary and Financial Studies, Dijon, France GUNNAR HEINSOHN Professor of Social Sciences, Universität Bremen, Germany MARC LAVOIE Professor, Department of Economics, University of Ottawa, Canada MARCELLO MESSORI Professor of Economics, University of Rome, Italy ALAIN PARGUEZ Professor of Economics, University of Franche-Comté, Besançon, France LOUIS-PHILIPPE ROCHON Assistant Professor of Economics, Laurentian University, Canada SERGIO ROSSI Assistant Professor of Economics, University of Fribourg and University of Lugano, Switzerland ELIE SADIGH Maître de Conférences, Université de Bourgogne, France ABDOURAHMANE SARR Economist, International Monetray Fund, USA MALCOLM SAWYER Professor of Economics, University of Leeds, UK MARIO SECCARECCIA Professor of Economics, University of Ottawa, Canada OTTO STEIGER Professor of Economics Emeritus, Universität Bremen, Germany ALBERTO ZAZZARO Professor of Economics, Università Politecnica delle Marche, Italy

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