Some puzzles about money, finance and the monetary circuit

John Smithin

Cambridge Journal of Economics, 2016, vol. 40, issue 5, 1259-1274

Abstract: This paper discusses three puzzles about money and finance, having to do with the velocity of circulation, the Marxian concept of the monetary circuit and the deceptively simple question of whether there is enough money in existence at any point in time to purchase the full value of output. These issues take on particular significance at times of economic and financial crisis, but have often been neglected by the mainstream of the economics profession, leaving the field to Keynes’s ‘brave heretics’.

Date: 2016
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