Revenues and demand in a monetary economy of production

Revenus et demande dans une économie monétaire de production

Edouard Cottin-Euziol (edouard.cottin-euziol@univ-antilles.fr) and Nicolas Piluso (nicolas.piluso@iut-tlse3.fr)
Additional contact information
Edouard Cottin-Euziol: LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - UBS - Université de Bretagne Sud - UBO - Université de Brest - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris]

Working Papers from HAL

Abstract: In a monetary economy of production, Say's law is invalid for several reasons. On the basis of some of these refutations (Schmitt, 1984; Renaud, 2000), it is possible to state that the revenues generated by the production process are structurally lower than the supply price of production. We study here the dynamics of such an economy and obtain two main results. First, the long-term debt level of this economy has to increase during a growth phase to enable demand to grow at the same pace as supply. Secondly, due to the repayment of this debt, the gap between supply and net revenues generated by the production process widens along a growth phase.

Keywords: Economic Growth; Monetary Economy of Production; Repayment of Past Bank Credits (search for similar items in EconPapers)
Date: 2020-03-18
New Economics Papers: this item is included in nep-hpe
Note: View the original document on HAL open archive server: https://hal.science/hal-02511407v1
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://hal.science/hal-02511407v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-02511407

Access Statistics for this paper

More papers in Working Papers from HAL
Bibliographic data for series maintained by CCSD (hal@ccsd.cnrs.fr).