Monetary Theory of Production

Giuseppe Fontana is Senior Lecturer in Economic at University of Leeds, UK and Associate Professor at the University of Sannio, Italy. He is Secretary of the Post Keynesian Economics Study Group (PKSG). He has recent publications in the American Journal of Economics and Sociology, Cambridge Journal of Economics, Journal of Post Keynesian Economics, Metroeconomica, Revue d'Economie Politiqu and the Scottish Journal of Political Economy. He has just published Money, Uncertainty and Time: Essays on the Post Keynesian Tradition with Routledge. Riccardo Realfonzo is Professor of Theories and Methods of Political Economy at Univerita del Sannio, Italy. He is also Member of the Steering Committee of the Italian Association for the History of Economic Thought. His publications include Money and Banking: Theory and Debate (1900-1940), several papers in international journals and chapters in books. He has edited several books about the Italian monetary theory and the labour market.

• Introduction: The Monetary Theory of Production; G.Fontana & R.Realfonzo PART 1: THE TRADITION OF THE MONETARY THEORY OF PRODUCTION Macroeconomic Analysis and Individual Economic Rationality: Some Lessons from Wicksell, Von Mises and Schumpeter; R.Arena & A.Festre Monetary Economics after Wicksell: Alternative Perspectives Within the Theory of the Monetary Circuit; R.Bellofiore Lost and Found: Some History of Endogenous Money; V.Chick Alternative Theories of the Rate of Interest: A Reconsideration; G.Heinsohn & O.Steiger An Inquiry into a Dark Mystery in the History of the Monetary Theory of Production: What Went Wrong with the Early Contribution of Joan Robinson; A.Parguez Some Reflections on Changes in Keynes's Analysis Between the Treatise and the General Theory; M.Sawyer PART 2: STOCKS AND FLOWS IN THE MONETARY CIRCUIT Single Period Analysis: Financial Markets, Firms' Failures and the Closure of the Monetary Circuit; M.Messori & A.Zazzaro The Existence of Monetary Profits Within the Monetary Circuit; L-P.Rochon Central Banking in a Monetary Theory of Production: The Economics of Payment Finality From a Circular Flow Perspective; S.Rossi PART 3: THE MONETARY CIRCUIT AND UNEMPLOYMENT Bank Mergers, Monopoly Power and Unemployment: A Monetary Circuit Approach; G.Forges Davanzati & R.Realfonzo Circuit Theory and the Employment Issue; C.Gnos PART 4: MONEY, INFLATION AND DISTRIBUTION Non Credit Money to Fight Poverty; B.Bossone & A.Sarr Towards a Non-Conventional Circuit Approach: Credit, Microcredit and Property Rights; L.Costabile Monetary Theory of Production and Disequilibrium Inflation; E.Sadigh PART 5: MONETARY CIRCULATION AND ECONOMIC POLICY What is Wrong with the Euro Area Monetary Model?; P.Arestis & M.Sawyer Circulation Approach and Applied Economics: Monetary Duality in Cuba; G.Deleplace Lessons from Asset-Based Financial Systems with Zero-Reserve Requirements; M.Lavoie Interest Rates, Interest Spreads and Monetary Circulation: Theoretical Framework and Empirical Implications for Macroeconomic Performance; M.Seccareccia