Introduction: Money, Distribution Conflict and Capital Accumulation

Eckhard Hein

Chapter 1 in Money, Distribution Conflict and Capital Accumulation, 2008, pp 1-3 from Palgrave Macmillan

Abstract: Abstract The role of money and the question of its neutrality — or non-neutrality — have been a contested area of research in political economy, and later on in economics, from the very beginning, with no consensus established until the present. Relating to this issue, Schumpeter (1954) introduced the fundamental distinction between ‘real analysis’ and ‘monetary analysis’. In ‘real analysis’, the equilibrium values of the economic system — that is, output, employment, distribution and growth — can be determined without any reference to monetary variables. In ‘monetary analysis’, however, monetary variables are not considered to be merely an inessential veil, but enter into economic theory at the very beginning, and the real equilibrium cannot be determined without reference to monetary variables.

Date: 2008
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DOI: 10.1057/9780230595606_1

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