Money, Interest, and the Structure of Production

Mateusz Machaj is assistant professor at the Institute of Economic Sciences, the University of Wroclaw, and research fellow at the Faculty of Social and Economic Studies, Jan Evangelista Purkyne University.

• AcknowledgmentsIntroductionPart I: Microeconomic Aspects of the Capital StructureChapter 1: Interest as a Factorial PaymentChapter 2: Challenges Concerning the Structure of ProductionPart II: Macroeconomic Aspects of the Capital StructureChapter 3: Expenditures Equilibrium and Say’s Law.Chapter 4: Potential Output versus Intertemporal Equilibrium.Chapter 5: Non-Neutrality of Monetary Flows for the Structure of Production.Chapter 6: Monetary Policy as Interest Policy.ConclusionBibliographyAbout the Author

Machaj is one of the best economists in his generation, well versed in the history of economic thought and with full command of the cutting-edge issues of contemporary economics. His book sheds new light on a painfully neglected area of modern macroeconomics. Whereas most economists wander on a Keynesian Odyssey of macroeconomics without capital, Machaj highlights the central and crucial role of the concept of stages of production. He convincingly argues that the latter is necessary to make sense of interest rates, aggregate demand, potential output, and monetary policy. Essential reading.