By Augusto Graziani
Augusto Graziani demanding situations conventional theories of financial creation, arguing smooth economic climate according to credits can't be understood with no specialize in the management of credits circulation. funds services as an device for the move of commodities or for preserving a inventory of liquid wealth in mainstream monetary idea. In neither case is it thought of basic to the construction of products or the distribution of source of revenue. a powerful exponent of the circulate conception of financial construction, Graziani provides an unique and maybe arguable argument with the intention to stimulate debate.
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Additional resources for The Monetary Theory of Production
Chapter 2, n. 6 and appendix J). A similar solution, while unobjectionable in itself, leaves unexplained the payment of wages at the beginning of the ﬁrst cycle. 42 The Monetary Theory of Production arises of ascertaining whether a mechanism exists by which the market brings saving and investment to equality. No such problem exists in the classical model, where capitalists as a class decide independently the share of net output to be saved and used as a wage fund. In the new model some form of mechanism equilibrating the respective choices of savers and investors has to be found.
Weintraub, P. P. Minsky, J. J. Moore), who pay instead great attention to the problems concerning the money supply and the ﬁnance available to ﬁrms. A point of convergence between circuit theory and the postKeynesian school can be found in the analysis of income distribution. Here circuit theorists follow closely what was once named the Keynes–Kalecki formulation. H. Robertson (1926) and by Keynes in his Treatise on Money (Keynes 1971 ), this approach to income distribution was developed by Kalecki (1991 ), Kaldor (1956), and Joan Robinson (1956).
The relevance of the neoclassical conclusion is strictly connected to the fundamental theorem of welfare economics, according to which, in a fully competitive market, the equilibrium position coincides with an optimal allocation of productive resources. By optimal allocation neoclassical theorists mean that the set of technologies applied and the set of commodities produced allows, within the constraints set by available resources, the highest satisfaction of consumers’ preferences. While neutrality of money is the main theoretical thesis of neoclassical monetary theory, price stability is its main policy recommendation.