A Macroeconomic Theory of Value Conversion

Woongki Lee
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Woongki Lee: Yonsei University

No 4nq58_v1, SocArXiv from Center for Open Science

Abstract: This study develops a theory of value conversion in which conversion depends on realized consumption growth. By governing value conversion over time, consumption growth becomes a key determinant of output’s market value and a driver of broader economic expansion. The theory differs from conventional macroeconomic frameworks in two respects. First, it redefines production as an internal technological process combined with an external valuation process, so market-valued output depends not only on production but also on converting latent value into market value. Second, it reinterprets macroeconomic relations by treating household consumption as the starting point of causality.

Date: 2026-08-07
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:4nq58_v1

DOI: 10.31219/osf.io/4nq58_v1

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