Inflation, unemployment and capital malformations
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Bibliographic Information
Inflation, unemployment and capital malformations
（Routledge frontiers of political economy）
Routledge, 2021
- : hbk
- Other Title
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Inflation, chômage et malformations du capital
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Note
Translation of: Inflation, chômage et malformations du capital. Paris : Economica ; Albeuve (CH) : Castella, 1984
Includes bibliographical references (p. [400]) and index
Description and Table of Contents
Description
The volume deals with the main problems faced by capitalist economies, inflation and unemployment, in a new and original way, and provides the theoretical foundations for quantum macroeconomic analysis. Its aim is to allow English-speaking economists and interested readers to have a direct access to the analysis provided by Schmitt in his 1984 book Inflation, chomage et malformations du capital.
Orthodox economics has failed to provide a consistent insight of the pathologies hindering our economies, and both the academic and the economic worlds are much in need for an alternative approach capable to explain the origins of these pathologies and how they can eventually be disposed of. Schmitt's volume provides a revolutionary explanation of the cause of today's economic disorder as well as an innovative solution allowing for the passage from disorder to order. Neoclassical and Keynesian theories of any type are essentially based on equilibrium analysis and this is why none of them has ever been able to provide a consistent macroeconomic analysis based on macroeconomic foundations. This is what Schmitt's book aims for: developing a new analysis built on identities rather than conditions of equilibrium, capable to explain the objective origins of inflation and unemployment.
In this volume, Schmitt introduces a new, revolutionary analysis centred on the concept of quantum time. The topics analysed by Schmitt cover the entire field of national macroeconomics, from production to capital accumulation, the leading role in this ground-breaking investigation being played by what he calls the theory of emissions. The ensuing macroeconomic theory is built on a set of laws derived from the monetary nature of our economic systems and defines the logical framework of inquiry into modern macroeconomics.
Table of Contents
- Forward by Xavier Bradley and Alvaro Cencini Forward by the Bernard Schmitt GENERAL INTRODUCTION Quantum time Production and time Expenditures and time 3.Production and expenditure constitute one unique event: the emission PART I:THE FUNCTIONING OF THE DOMESTIC ECONOMY: FROM WAGES TO CAPITAL From production to consumption: the creation and destruction of wages Capital PART II: THE DYSFUNCTION OF THE DOMESTIC ECONOMY: FROM CAPITAL TO CAPITALISM The quantitative theory and the quantum theory of inflation Inflation and unemployment have the same aetiology: empty emissions The two benign cases of empty emissions or of inflation It is precisely because fixed capital is the property of a non-person (the disembodied set of firms), that its amortization causes the malignant emissions In most advanced capitalism, a third of the industries in the country issue empty wages The malignant emissions and unemployment PART III: THE REMEDIES USUALLY PROPOSED, THEIR INEFFICIENCY EVALUATED IN THE LIGHT OF THE THEORY OF EMISSIONS Money does not circulate in the economy Far from being independent from each other, global supply and demand are logically merged into one unique magnitude
- only confusion in the mind can separate them Inflation and unemployment are totally independent from the behaviour of economic agents PART IV: THE SOLUTION IS IN THE DIVISION OF THE ACTIVITY OF BANKS IN THREE DEPARTMENTS. LIBERATED FROM EMPTY EMISSIONS, THE DOMESTIC ECONOMY FOLLOWS SAY'S LAW: IT ENSURES FULL EMPLOYMENT WITHOUT INFLATION The division of banks in two departments The economy equipped with a network of deposit banks all divided in three departments will be totally free from empty emissions GENERAL CONCLUSION The micro-macro distinction in economic analysis Macroeconomics is the domain of absolute exchanges Confrontation between the two paradigms: absolute exchanges, relative exchanges The determination of wages The circuit, macroeconomic concept par excellence, is the identity of income's outflow and inflow SYNOPSIS OF QUANTUM MACROECONOMICS 1. Production and time 2. Production and expenditures 3. Measurement in the economy and in economics 4. The creation of money 5. Capital 6. Inflation is a "malformation" of capital 7. At the core, inflation is caused by the systematic dysfunction of fixed capital's amortization 8. Production of the second sector, inflation is defined in quantum time
- its measure in continuous time does not let the magnitude of the disorder become apparent 9. Involuntary unemployment would necessarily be nil if the domestic economy did not include any dual production 10. Neither inflation nor unemployment would exist in an economy where all the monetary capital would transit through financial markets Glossary of the Main Concepts Afterword Appendix Afterword by Henri Guitton Bibliography Index
by "Nielsen BookData"
