Monetary Economics
An Integrated Approach to Credit, Money, Income, Production and Wealth| By: | W. Godley; M. Lavoie |
| Publisher: | Springer Nature |
| Print ISBN: | 9780230500556 |
| eText ISBN: | 9780230626546 |
| Edition: | 0 |
| Copyright: | 2007 |
| Format: | Page Fidelity |
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This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.