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

By Lester D. Taylor

Capital, Accumulation, and cash: An Integration of Capital, development, and financial conception is a booklet approximately capital and cash. A root thought of capital is formulated that enables for many current ideas of capital to be unified and on the topic of each other in constant model. Capital and fiscal conception are built-in in a non-mathematical framework that imposes a few constraints at the macro habit of an financial system, constraints which make for the easy figuring out of such strategies because the genuine inventory of cash, real-balance results, and the overall rate point. New and illuminating insights also are supplied into combination offer and insist, normal and funds interest rates, the connection among actual and financial economies, and fiscal development and improvement. This totally accelerated, revised, and up-to-date variation positive aspects vital new fabric on a number of well timed themes, together with: * components resulting in the monetary meltdown and turmoil of 2007-09; * Why bubbles shape in asset markets and the way those impression at the actual economic climate; * the significance of a lender-of-last-resort in instances of monetary rigidity; * destiny financing and investment of the U. S. Social defense process. also, the writer bargains a few rules for relieving the severity, if no longer the avoidance altogether, of monetary crises sooner or later. this can be a booklet for these -- scholars (both graduate and undergraduate) and their lecturers, traders, and the proficient public -- who wish an realizing of ways economies and fiscal markets functionality, with no a complicated measure in arithmetic.

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

Example text

A contract is drawn up and then sold for a certain amount of money. The terms of the contract state that the contract can always be sold at the option of the current holder, whoever that might be. While this contract is clearly a 'forward' contract, its current value is determined in the same manner as any other current asset. 24 AGGREGATE DEMAND AND SUPPLY We now turn to aggregate supply and aggregate demand, which were introduced by Keynes in the General Theory and have been important concepts in macroeconomic theory ever since.

He finances this leisure activity from his holdings of money to purchase food and other essentials from the economy's pool of fluid capital. 20 Valuation is always a forward-looking process. The current valuation of an asset bears no necessary relationship to the original cost of the asset, nor to the myros recovery charges that may already have been charged against past quasi-rents. The expectations that drive valuations can (and do) change, so that an equity that seemed attractively priced yesterday need not be so today.

In my view, there is truth in both theories, not because they are equivalent (as has been argued by some neoclassical theorists), 3 but because conceptually (as discussed in Chapter 3) there are two relevant rates of interest, a natural rate and a money rate. The Classical economists were correct in saying that the interest rate is determined in the capital market, but the capital market in question should refer to the entire pool of fluid capital, rather than just the inward and outward flows resulting from saving and investment.

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