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

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"
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11580/18976
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