Economic Theory In The 21st Century: Towards A Renewed Understanding Of Money And Capital From A System-wide Perspective

A Terminology from the Times of the Cold War......Page 5
The ``Money Market´´......Page 6
Neoliberalism Versus Ordoliberalism......Page 7
References......Page 8
Contents......Page 10
Part I: Exchange Contracts and the Walrasian Paradigm......Page 13
Chapter 1: The Paradigm in the Philosophy of Science......Page 14
References......Page 15
Chapter 2: The Walrasian Paradigm in Contemporary Economics......Page 16
2.1 Origins in Partial Analysis......Page 17
2.2 Total Analysis and General Equilibrium......Page 19
2.3.1 Gain in Explanatory Power by Way of a Weakening of Assumptions......Page 21
2.3.2 Integration of Money into the Model of General Equilibrium......Page 23
References......Page 31
3.1 Basic Time Patterns of Exchange......Page 34
3.2 Patterns of Money Usage in Exchange......Page 36
References......Page 37
4.1 The Equation of Exchange......Page 38
4.2 Financial Assets......Page 39
4.4 The Notion of Capital......Page 40
4.5 Finance......Page 42
References......Page 44
Part II: An Exchange-Contractual Analysis of Private and Public Wealth......Page 45
Chapter 5: Origins and Significance of a Famous Debate......Page 46
References......Page 47
6.1 Time Horizon......Page 48
6.3 Business Sector, Private Wealth......Page 49
6.4.2 Equity Finance as the Original Form of Corporate Finance......Page 52
6.5.1 Balanced Budget......Page 53
6.5.2 Backing of Exchange by Regulatory Policy by Means of Contracts......Page 54
6.6.1 Spot Market for Real Capital......Page 55
6.6.2 Forward Market for Output......Page 57
6.6.3 Financial Market for Corporate Shares......Page 59
6.6.4 Financial Market for Government Bonds, Part I......Page 61
References......Page 62
7.1 Bank Notes......Page 63
7.2 Docking......Page 64
References......Page 67
8.1 Multiple Exchange Equilibrium......Page 68
8.2 Classic Government Debt (Financial Market for Government Bonds, Part II)......Page 69
8.4 Wealth......Page 71
8.5.1 Present Value and Historical Costs as Fundamental Values Stated......Page 72
8.5.3 Accounting Standards......Page 73
8.5.4 Complementarity......Page 74
8.6.1 Maximization of Profit and Its Distribution by the Business Sector......Page 77
8.6.2 Balanced Public Budget......Page 80
8.6.3 Utility Maximization by the Household Sector......Page 83
8.7 Net Wealth of the Private Sector......Page 85
References......Page 86
Chapter 9: Degeneration of Money......Page 87
References......Page 88
Chapter 10: Appendix to Part II......Page 89
Part III: An External Monetary Calculus for the Homo Oeconomicus......Page 90
Chapter 11: On the External Arrangement of the Monetary Calculus......Page 91
12.1 The Benefits of Holding Money......Page 94
12.2 The Costs of Holding Money......Page 95
12.4 Aggregation......Page 96
Reference......Page 97
13.1 Revision of the Utility Maximization Problem......Page 98
13.2 Shifted Demand Function for Output......Page 99
13.3 One Market Too Many?......Page 100
13.4.1 An Alternative to the Concept of the Money Market......Page 102
Reference......Page 103
Part IV: Summary and Outlook......Page 104
14.2 ``Capital´´ Features a Janus-Like Face Nowadays......Page 105
14.4 The Fuzzy Notion of the ``Capitalist´´......Page 106
14.6 Fiat Money Is Not Scarce......Page 107
14.8 Limitational Complementarity in the Sense of Leontief......Page 108
14.9 An External Monetary Calculus......Page 109
References......Page 110
15.1 Diligence and Sophistication Recommended......Page 111
15.2 Monetary Economics Should Pose a Fundamental Question......Page 112