Beyond Scarcity: A Reappraisal of the Theory of the Monetary Circuit

Parguez, Alain

doi:10.1007/978-1-349-24525-3_7

Cited by 32 publications

(9 citation statements)

References 11 publications

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“…This issue has also been emphasized in post-Keynesian theories of endogenous money (Kaldor 1986;Lavoie 1992;Moore 1988;Wray 1990), in the theory of the monetary circuit (Graziani 2003;Parguez 1996;Parguez and Seccareccia 2000;Rochon 1999), and by Schumpeter (2002) in his theory of entrepreneurship.…”

Section: Money As the Necessary Condition For Substantive And Formal mentioning

confidence: 95%

The Role of Money in Capitalism

Lau

Smithin

2002

International Journal of Political Economy

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Section: Money As the Necessary Condition For Substantive And Formal mentioning

confidence: 95%

The Role of Money in Capitalism

Lau

Smithin

2002

International Journal of Political Economy

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“…This equation defines k(t) as the expected entrepreneurial profit share from the sale of current production (actually to be realized in t+1). This looks at matters from the point of view of those entrepreneurs involved in making the essential gamble or "bet" entailed in participating in the production process (Parguez 1996). Taking logarithms of (4) and re-arranging will then yield:…”

Section: Profits Expectations and Output Growthmentioning

confidence: 99%

The Real Rate of Interest, the Business Cycle, Economic Growth and Inflation: An Alternative Theoretical Perspective

Smithin

2005

The Journal of Economic Asymmetries

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“…Parguez, 1996, Rochon, 1999, Secareccia, 2003 others (e.g. Davidson, 1986Davidson, , 2002Graziani, 1989Graziani, , 2003Wray, 1990) claim that the costs of production of fixed capital provide the system with liquidity to fund its purchase after production.…”

Section: The Financing Of Fixed Capacitymentioning

confidence: 99%

The Monetization of Profits in a Monetary Circuit Framework

Febrero

2008

Review of Political Economy

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This paper offers an explanation of the realization of profits in money. Following Edward Nell's lead, we place Marx's spheres of production and circulation at the centre of the analysis. Production is represented à la Sraffa -von Neumann while circulation is analysed following the basic insights of the Franco-Italian theory of the monetary circuit. Once production has taken place, money is created by banks ex nihilo and then circulates through certain channels allowing the reproduction of the system and monetizing profits plus the payment of interest on long-term debts within one single circuit. The novelty of our approach lies in the treatment of the financing of investment in fixed capacity.

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Beyond Scarcity: A Reappraisal of the Theory of the Monetary Circuit

Cited by 32 publications

References 11 publications

The Role of Money in Capitalism

The Role of Money in Capitalism

The Real Rate of Interest, the Business Cycle, Economic Growth and Inflation: An Alternative Theoretical Perspective

The Monetization of Profits in a Monetary Circuit Framework

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