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The theory of the monetary circuit
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A review of the pre-history, the process of formation and the possible directions of future development of the theory of monetary circuit can be found in this article, where the main theoretical constructions of Graziany and the other leading representatives of the circuitist school are revealed.Abstract:
The present paper reviews the pre-history, the process of formation and the possible directions of future development of the theory of monetary circuit. The author reveals the main theoretical constructions of Graziany and the other leading representatives of the circuitist school. The principles of derivation of transaction and balance sheet matrices reflecting the main ideas of the theory are discussed. The dynamic variants of the theory as well as the connection between the circuitist approach and the input-output model are subject to examination. The paper studies the possibility the circuitist approach to be further broadened on the basis of the mathematical graphs theory. The author emphasizes that the theory of monetary circuit denies the neoclassical dichotomy and rejects the postulate of the neutrality of money. The opportunity is also offered to upgrade the monetary circuit theory by using the mathematical graph theory. The paper includes also a critical evaluation of the presented theory.read more
Citations
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A monetary Minsky model of the Great Moderation and the Great Recession
TL;DR: In this article, a strictly monetary macroeconomic model was proposed to generate the monetary as well as the real phenomena manifested by both The Great Recession and The Great Moderation, which can generate both monetary and real phenomena.
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Towards post-Keynesian ecological macroeconomics
TL;DR: In this paper, the authors argue that economic growth is a double-edged sword, which can help to alleviate persistent levels of high unemployment, but it can also lead to potentially catastrophic environmental problems.
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Financialization and the transformation of commercial banking: understanding the recent Canadian experience before and during the international financial crisis
TL;DR: As creators of credit money, commercial banks prevent the non-financial private sector from being constrained by its prior savings in accordance with the theory of the monetary circuit as mentioned in this paper, and thus commercial banks provide the means for a private economy to break away from its financial constraint.
BookDOI
Routledge Handbook of Marxian Economics
TL;DR: In this article, the authors propose a method for labor-related tasks.LABORLABOR.LABORE.LABOUR, 2019.0.0].0.1
References
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Journal ArticleDOI
Banks are Not Intermediaries of Loanable Funds – And Why This Matters
Zoltan Jakab,Michael Kumhof +1 more
TL;DR: In this article, the authors compare simple intermediation and financing models of banking and predict changes in bank lending that are far larger, happen much faster, and have much greater effects on the real economy.
Journal ArticleDOI
A monetary Minsky model of the Great Moderation and the Great Recession
TL;DR: In this article, a strictly monetary macroeconomic model was proposed to generate the monetary as well as the real phenomena manifested by both The Great Recession and The Great Moderation, which can generate both monetary and real phenomena.
Journal ArticleDOI
Towards post-Keynesian ecological macroeconomics
TL;DR: In this paper, the authors argue that economic growth is a double-edged sword, which can help to alleviate persistent levels of high unemployment, but it can also lead to potentially catastrophic environmental problems.
Journal ArticleDOI
Financialization and the transformation of commercial banking: understanding the recent Canadian experience before and during the international financial crisis
TL;DR: As creators of credit money, commercial banks prevent the non-financial private sector from being constrained by its prior savings in accordance with the theory of the monetary circuit as mentioned in this paper, and thus commercial banks provide the means for a private economy to break away from its financial constraint.
BookDOI
Routledge Handbook of Marxian Economics
TL;DR: In this article, the authors propose a method for labor-related tasks.LABORLABOR.LABORE.LABOUR, 2019.0.0].0.1