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The Monetary Theory of Production
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  • Page extent: 188 pages
  • Size: 216 x 138 mm
  • Weight: 0.39 kg

Library of Congress

  • Dewey number: 332.4/01
  • Dewey version: 21
  • LC Classification: HG220.A2 G665 2003
  • LC Subject headings:
    • Money
    • Production (Economic theory)

Library of Congress Record

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 (ISBN-13: 9780521812115 | ISBN-10: 0521812119)

DOI: 10.2277/0521812119

Manufactured on demand: supplied direct from the printer

 (Stock level updated: 02:45 GMT, 25 November 2015)


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.


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.

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