In this paper we discuss the coherence between the methodological approach of the Monetary Theory of Production, as pioneered in Italy by Augusto Graziani, and the Stock-flow-consistent approach pioneered by Wynne Godley and later developed by Godley and Marc Lavoie. We show that the approaches are entirely compatible, and discuss how stock-flow consistency helps solve the "paradox of profits"
Godley and Graziani: stock-flow consistent monetary circuits
ZEZZA, Gennaro
2011-01-01
Abstract
In this paper we discuss the coherence between the methodological approach of the Monetary Theory of Production, as pioneered in Italy by Augusto Graziani, and the Stock-flow-consistent approach pioneered by Wynne Godley and later developed by Godley and Marc Lavoie. We show that the approaches are entirely compatible, and discuss how stock-flow consistency helps solve the "paradox of profits"File in questo prodotto:
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