Capital, Accumulation, and Money: An Integration of Capital, by Lester D. Taylor

By Lester D. Taylor

Capital, Accumulation, and cash: An Integration of Capital, development, and financial idea is a e-book approximately capital and funds. A root suggestion of capital is formulated that permits for many latest recommendations of capital to be unified and relating to each other in constant style. Capital and fiscal conception are built-in in a non-mathematical framework that imposes a few constraints at the macro habit of an economic climate, constraints which make for the simple figuring out of such strategies because the genuine inventory of cash, real-balance results, and the final cost point. New and illuminating insights also are supplied into combination offer and insist, traditional and funds interest rates, the connection among genuine and financial economies, and fiscal progress and improvement. This totally extended, revised, and up to date variation gains vital new fabric on a number of well timed issues, together with: * elements resulting in the monetary meltdown and turmoil of 2007-09; * Why bubbles shape in asset markets and the way those effect at the actual financial system; * the significance of a lender-of-last-resort in instances of monetary rigidity; * destiny financing and investment of the U. S. Social defense approach. also, the writer bargains a couple of principles for relieving the severity, if no longer the avoidance altogether, of monetary crises sooner or later. it is a e-book for these -- scholars (both graduate and undergraduate) and their academics, traders, and the expert public -- who wish an knowing of the way economies and monetary markets functionality, with out a complicated measure in arithmetic.

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Additional resources for Capital, Accumulation, and Money: An Integration of Capital, Growth, and Monetary Theory

Example text

Moreover, it should be evident that this will be true independently of whether the money stock in question consists of bank, commodity, or fiat money or some combination of the three. That the pool of fluid capital evaluated in current prices also imposes an upper bound to the aggregate value of an economy's assets (or what can be called the aggregate 'wealth' of an economy) is a bit more subtle, for this conclusion follows from the claims side of the pool of fluid capital rather than from the goods side.

Capital, Accumulation, and Money 32 and expenditure through exchange. The purpose of the present section is to discuss the conservation principles which inhere in the concept of the pool of fluid capital. These principles, although much less comprehensive than the conservation principles postulated by neoclassical theory, are nevertheless free of inconsistencies. We begin by making explicit two macroeconomic identities that are used throughout this book. , the difference between current income and current consumption) is equal to the value in current pric:es of that part of current output which is not consumed.

The various concepts of capital -physical capital, financial capital, working capital, etc. -- are all useful in context, but a single word, capital, cannot cover all contingencies of its use without proper qualification. What is needed is a root concept of capital which is both unifying and encompassing. And as was noted in the Prologue and Chapter 1, I believe that the concept of myros provides such an instrument. MYROS The concept of myros will be approached in several different ways. To begin with, it is most useful to see myros as representing a pool of accumulated 2 Buchanan ( 1969) provides a detailed discussion of the nature of costs and choice.

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