The Monetary Theory of Production

by Augusto Graziani

Overview

Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flow. Money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth in mainstream economic theory. In neither case is it considered fundamental to the production of goods or the distribution of income. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument which will stimulate debate.

Product Details

ISBN-13:	9780521104173
Publisher:	Cambridge University Press
Publication date:	03/19/2009
Series:	Federico Caffe Lectures
Pages:	188
Product dimensions:	5.51(w) x 8.50(h) x 0.43(d)

About the Author

Augusto Graziani is Professor of Economics in the University of Rome La Sapienza. He is the author of Teoria Economica (4th edition, 2002).

Table of Contents

1. Introduction; 2. Neoclassical monetary theory; 3. A monetary economy; 4. The creation of bank money; 5. The distribution of income; 6. The role of financial markets; 7. Real and monetary interest; 8. Implications for monetary policy; 9. Concluding remarks; References; Index.