The Monetary Theory of Production PDF (Adobe DRM) download by Augusto Graziani

The Monetary Theory of Production

Cambridge University Press
Publication date: September 1999
ISBN: 9780511058257
Digital Book format: PDF (Adobe DRM)

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In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flow. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument which will stimulate debate on the topic.
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