Tuesday, December 21, 2021

The Production of Commodities by Means of Commodity and Money

Money is a medium of exchange (or means of purchase), a unit of account, and a store of wealth. I think Sraffa (1960) implicitly assumes an economy in which money is used. How would one explicitly and formally introduce money into Sraffa's scheme? I think one would want a theory of endogenous money, maybe as in a circuitist theory. How should the references below be extended? Which should I make an effort to read? I am aware that Sinha (2021) has a couple of other chapters about money and that Bellofiore and Passarella (2016) and Giuseppe and Realfonzo (2017) are introductions to special issues of ROKE and Metroeconomica, respectively. Any guidance to the literature, including these pointers, would be useful.

  • Bailly, Jean-Luc, Alvaro Cencini, and Sergio Rossi (eds.) 2017. Quantum Macroeconomics: The legacy of Bernard Schmidt. Routledge.
  • Bellofiore, Riccardo and Marco Veronese Passarella. 2016. Introduction: the theoretical legacy of Augusto Graziani, Review of Keynesian Economics 4(3): 243-249.
  • Fontana, Giuseppe and Riccardo Realfonzo. 2017. Augusto Graziani and recent advances in the monetary theory of production, Metroeconomica 68(2): 202-204.
  • Graziani, Augusto. 2003. The Monetary Theory of Production. Cambridge University Press.
  • Moore, Basil. 1988. Horizontalists and Verticalists: The Macroeconomics of Credit Money. Cambridge University Press.
  • Panico, Carlo. 1988. Interest and Profit in the Theories of Value and Distribution.
  • Pivetti, Massimo (1991). An Essay on Money and Distribution.
  • Rochon, Louis-Philippe. 1999. Credit, Money and Production: An Alternative Post-Keynesian Approach.. Edward Elgar.
  • Sinha, Ajit (ed.). 2021. A Reflection on Sraffa’s Revolution in Economic Theory. Palgrave-Macmillan.
  • Rochon, Louis-Philippe and Mario Seccareccia (eds.). 2013. Monetary Economics of Production: Banking and Financial Circuits and the Role of the State: Essays in Honour of Alain Parguez. Edward Elgar.
  • Rogers, Colin. 1989. Money, Interest and Capital: A Study in the Foundations of Monetary Theory. Cambridge University Press.
  • Venkatachalam, Ragupathy and Stefano Zambelli (2021). Sraffa, money and distribution. In Sinha (2021).


Anonymous said...

https://sci-hub.se/10.1007/978-3-030-42925-6 Chapter 12

Emil Bakkum said...

Years ago I participated in discussions on the German Attac forum. Another member recommended "Ownership economics" by Heinsohn and Steiger. It is not really my thing, but at least their ideas are original.

Robert Vienneau said...

Thanks for the suggestion. I also found this. I rely on Google Translate.