Money, income, and profit:lessons from the monetary theory of production

  1. Andrea CARRERA 1
  2. Sergio ROSSI 2
  1. 1 University of Lugano
  2. 2 University of Fribourg
    info

    University of Fribourg

    Friburgo, Suiza

    ROR https://ror.org/022fs9h90

Journal:
Iberian Journal of the History of Economic Thought

ISSN: 2386-5768

Year of publication: 2015

Volume: 2

Issue: 1

Pages: 48-60

Type: Article

DOI: 10.5209/REV_IJHE.2015.V2.N1.49773 DIALNET GOOGLE SCHOLAR lock_openOpen access editor

More publications in: Iberian Journal of the History of Economic Thought

Abstract

In this paper we analyze Augusto Graziani’s numerous contributions to the monetary theory of production, which he developed from a theoretical but also a policy-oriented perspective. We focus on the rejection of the neoclassical dichotomy, the causal relation between production and money creation, and the definition of macroeconomic saving. These three dimensions of Graziani’s work can be identified in the framework of the monetary circuit, in the tradition of classical and Marxian economic thought. The outcome of Graziani’s investigations sheds light on the working of a monetary economy of production from the issuance of bank money to the distribution of income and capital accumulation.

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