On Realizing Profits in Money

Edward Nell

Review of Political Economy, 2002, vol. 14, issue 4, 519-530

Abstract: A basic if neglected step in monetary theory is to show that a given amount of money will enable all transactions to take place in money. But if the money advanced is no more than current costs, how are profits to be realized in money? The answer requires tracing the pattern of circulation, which, in turn depends on the structure of production and distribution. The sectors have different patterns of interdependence, so imply different sequences of transactions. Borrowing is costly, so the amount of money must be minimized. These issues have been brought into focus in the interesting article of J-F Renaud.

Date: 2002
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DOI: 10.1080/0953825022000009933

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