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The Monetary Theory of Production


Part of Federico Caffè Lectures

  • Date Published: March 2009
  • availability: Available
  • format: Paperback
  • isbn: 9780521104173

£ 23.99

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About the Authors
  • In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. 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 flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.

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    Product details

    • Date Published: March 2009
    • format: Paperback
    • isbn: 9780521104173
    • length: 188 pages
    • dimensions: 216 x 140 x 11 mm
    • weight: 0.24kg
    • availability: Available
  • 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

  • Author

    Augusto Graziani, Università degli Studi di Roma 'La Sapienza', Italy
    Augusto Graziani is Professor of Economics in the University of Rome La Sapienza. He is the author of Teoria Economica (4th edition, 2002).

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