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Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (in English)
W. Godley
(Author)
·
M. Lavoie
(Author)
·
Palgrave MacMillan
· Hardcover
Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (in English) - Godley, W. ; Lavoie, M.
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Synopsis "Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (in English)"
This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.