The Monetary Theory of Production (eBook)

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

Introduction: The Monetary Theory of Production; G.Fontana & R.Realfonzo PART 1: THE TRADITION OF THE MONETARY THEORY OF PRODUCTION Macroeconomic Analysis and Individual Economic Rationality: Some Lessons from Wicksell, Von Mises and Schumpeter; R.Arena & A.Festre Monetary Economics after Wicksell: Alternative Perspectives Within the Theory of the Monetary Circuit; R.Bellofiore Lost and Found: Some History of Endogenous Money; V.Chick Alternative Theories of the Rate of Interest: A Reconsideration; G.Heinsohn & O.Steiger 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; A.Parguez Some Reflections on Changes in Keynes's Analysis Between the Treatise and the General Theory; M.Sawyer PART 2: STOCKS AND FLOWS IN THE MONETARY CIRCUIT Single Period Analysis: Financial Markets, Firms' Failures and the Closure of the Monetary Circuit; M.Messori & A.Zazzaro The Existence of Monetary Profits Within the Monetary Circuit; L-P.Rochon Central Banking in a Monetary Theory of Production: The Economics of Payment Finality From a Circular Flow Perspective; S.Rossi PART 3: THE MONETARY CIRCUIT AND UNEMPLOYMENT Bank Mergers, Monopoly Power and Unemployment: A Monetary Circuit Approach; G.Forges Davanzati & R.Realfonzo Circuit Theory and the Employment Issue; C.Gnos PART 4: MONEY, INFLATION AND DISTRIBUTION Non Credit Money to Fight Poverty; B.Bossone & A.Sarr Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights; L.Costabile Monetary Theory of Production and Disequilibrium Inflation; E.Sadigh PART 5: MONETARY CIRCULATION AND ECONOMIC POLICY What is Wrong with the Euro Area Monetary Model?; P.Arestis & M.Sawyer Circulation Approach and Applied Economics: Monetary Duality in Cuba; G.Deleplace Lessons from Asset-Based Financial Systems with Zero-Reserve Requirements; M.Lavoie Interest Rates, Interest Spreads and Monetary Circulation: Theoretical Framework and Empirical Implications for Macroeconomic Performance; M.Seccareccia