Download Monetary Macroeconomics: A New Approach (Routledge by Alvaro Cencini PDF

By Alvaro Cencini

This publication offers the grounding for a brand new method of financial economics, according to the book-keeping nature of cash. the most topics of macroeconomics are tested to teach how we could increase our knowing via an intensive research in their financial points. funds is the major point and its function is investigated on the subject of worth, costs, gains, capital and curiosity. Alvaro Cencini's research rejects the normal, internet asset definition of cash, arguing that regardless of appearances on the contrary, funds is issued by way of banks as an insignificant numerical shape. it truly is via its organization with creation that it truly is given its confident price, buying energy. The ensuing concept elicits a brand new realizing of the stipulations in the back of state-of-the-art financial problems and prescribes new treatments to remedy them as soon as and for all.

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Sample text

To avoid any risk of circular reasoning, money must be assimilated to numbers. This means that money is essentially immaterial. One of the main difficulties we are faced with here is to admit of an immaterial entity capable of transforming physically heterogeneous goods and services into homogeneous commodities. The world of monetary economies is real and immaterial at the same time. What distinguishes the physical from the economic world is precisely the fact that, thanks to money, products are numerically accounted for.

There may be many people wanting, and many possessing those things wanted; but to allow an act of barter, there must be a double coincidence which will rarely happen’ (Jevons 1875: 3). Today, most neoclassical economists agree that, besides Jevons’s double coincidence of wants (known also as the condition of monotone excess demand diminution), bilateral trade requires the respect of price consistency (or quid pro quo condition, or budget balance constraint), and the reduction to nil of all excess demands and supplies in the course of trade (excess demand fulfilment).

This implies that, in the real world, equilibrium cannot be reached in a centralised way, through the intervention of Walras’s auctioneer. The introduction of money is seen as a necessary requirement ‘to overcome the great organisational complexity of non-monetary trade’ (Ostroy and Starr 1989: 146) and to avoid overdetermination in the demand for goods. Now, the problem we are confronted with is how money can effectively be integrated into general equilibrium models. As claimed by Starr, the attempt to solve this problem by considering money as an argument in the household utility function is no real solution since it ‘would transparently and uselessly assume the conclusion of the enquiry’ (Starr 1989: 4).

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