Introduction à une théorie générale de la monnaie et du capital

Patrick Castex

Innovations, 2003, vol. 17, issue 1, 29-50

Abstract: ISLM model is a fable, because Keynes' market of money stock doesn't stand up: the demand of money for speculation purpose is just a myth at the macro economic level. It's necessary to reconsider speculation on financial markets and the link between interest rate and profit rate. We propose here a sketch of an "eclectic" model "IS EP", Investment Saving, Employment Profitability; eclectic because it mixes the theory ? of classic supply school including Marx ? of labour value, and of profit which results from it, with a radicalised Keynes stressing the outlet constraint. With the introduction of the catalyst money into the real sphere and financial markets; the finance-money. Thanks to the dialectic flows (transaction mean) and stock (value reserve, including capital-money), this model first of static equilibrium can become dynamic and explain fluctuations and growth.

Date: 2003
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