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

Messori, Marcello; Zazzaro, Alberto

doi:10.1057/9780230523074_8

Cited by 16 publications

(8 citation statements)

References 8 publications

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“…Why should some firms incur the financial costs of borrowing when they are going to obtain liquidity from their sales proceeds? (Messori & Zazzaro, 2005, make the same claim. )…”

Section: The Monetary Realization Of Profits: a Comment On Some Altermentioning

confidence: 66%

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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“…Why should some firms incur the financial costs of borrowing when they are going to obtain liquidity from their sales proceeds? (Messori & Zazzaro, 2005, make the same claim. )…”

Section: The Monetary Realization Of Profits: a Comment On Some Altermentioning

confidence: 66%

The Monetization of Profits in a Monetary Circuit Framework

Febrero

2008

Review of Political Economy

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“…Pojawia się tu koncepcja regulowania wymian wewnątrz sektora firm za pomocą weksli. Trzecią propozycją jest uznanie, że zyski osiągane przez jedne firmy są równoważone przez straty innych 59 . Wszystkie te propozycje zostałyby z pewnością odrzucone przez Luksemburg, gdyż ignorują realność kategorii kapitału globalnego, odbiegają od rzeczywistości gospodarki pieniężnej i/lub nie odpowiadają na poszukiwania nowych wpływów pieniężnych.…”

Section: Obieg Pieniężnyunclassified

Róża Luksemburg: ekonomia (bardzo) polityczna

Szlinder¹

2012

10.14746/prt

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Róz . a Luksemburg:Artykuł stanowi próbę wykazania aktualności i politycznej ważności dorobku Róży Luksemburg w dziedzinie ekonomii politycznej. Przedstawia on współczesne przykłady wykorzystania koncepcji Luksemburg w teorii finansów oraz teorii obiegu pieniężnego, a także ich użyteczność w wyjaśnianiu aktualnego kryzysu gospodarczego, jak również w tworzeniu właściwych strategii rewolucyjnych w reakcji na katastrofalne konsekwencje kapitalizmu neoliberalnego. Autor argumentuje, że perspektywa Luksemburg znajduje się pomiędzy perspektywą klasy robotniczej a perspektywą kapitału w rozumieniu Harry'ego Cleavera. Podkreśla także polityczny charakter proponowanych przez nią rozwiązań problemów teorii ekonomii. ekonomia (bardzo) politycznaSłowa kluczowe: Róża Luksemburg, ekonomia polityczna, płaca względna, związki zawodowe, obieg pieniężny, kryzys, neoliberalizm Maciej Szlinder

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“…He proposes to solve the problem by considering the interdependences existing between diff erent sectors and the diff erent sequences of transaction among sectors, also by considering that fi nancing involves a sequential process, within a Kaleckian theoretical framework (see also Renaud 2000). Messori and Zazzaro (2005) show that monetary profi ts can be generated by the bankruptcy of the less effi cient fi rms, and Zazzaro (2003: 234) emphasises that this solution leads to abandoning »any concept of subjective and/or objective equilibrium […] in favour of a systemic concept of order«. Zezza (2004) argues that -since in the MTP theoretical framework banks aim at obtaining interest payments in order to pay for their costs of production (namely, their employees' wages) plus profi ts to distribute to bank owners, fi rms' money profi ts ultimately derive from undistributed profi ts obtained by the banking sector as well as from wages of workers in the banking sector.…”

Section: Th E Theoretical Framework: Th E Monetary Theory Of Productimentioning

confidence: 99%

Emulation, indebtedness and income distribution: A monetary theory of production approach

Davanzati¹,

Pacella²

2010

European Journal of Economics and Economic Policies: Intervention

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Th e aim of this paper is to study the eff ect of emulation within a basic schema of the monetary theory of production (MTP). A theoretical model is presented, where workers set their target level of consumption based on the comparison with other workers taken as reference. It is shown that emulation can play a crucial role in increasing workers' propensity to indebtedness. As a result, profi ts increase and so does the price level, thus generating a decline of the real wage. Moreover, the existence of indebtedness can provide a further solution to the socalled »paradox of profi ts« within the MTP.

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

Cited by 16 publications

References 8 publications

The Monetization of Profits in a Monetary Circuit Framework

The Monetization of Profits in a Monetary Circuit Framework

Róża Luksemburg: ekonomia (bardzo) polityczna

Emulation, indebtedness and income distribution: A monetary theory of production approach

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