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This volume examines the theory of monetary circulation and applies it to several modern issues including unemployment, inflation, distribution and economic policies. It will provide a valuable contribution to the field of monetary economics, and in particular, its development of non-neoclassical approaches to monetary economics.

The Monetary Theory of Production: Tradition and Perspectives

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