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MONEY, MACROECONOMICS AND KEYNES phần 3

Vì vậy, những gì đã gây ra học tập lý thuyết tiền tệ được out-of-bước với thực tế quá lâu? Một điểm của sự thất bại của kinh tế là nó là quá sâu sắc và toán học. Tôi tin rằng điều đó là sai. Trong kinh tế học tài chính (tài chính) toán học phức tạp, ví dụ như công thức Black / Scholes và giá cả của các dẫn xuất, đi thành công tay trong tay với công việc thực tế và thực nghiệm. . | THEORY OF MONETARY CIRCUIT wealth by their loans. To maintain this conviction the State targets some rate of growth of the banks own net wealth which explains the origin of banks rather unchecked power to determine the effective rate of interest and the rate of mark-up firms have to attain Parguez 1996 2000a . At the onset banks and State are intertwined. The power of banks is always a power bestowed on them by the State. The State therefore must impose financial constraints if it wants to maintain the value of money. Since the State allows the banks debts to become money it has the power to create money at will for its own account to undertake its desired outlays. The endorsement of bank debt means that it is convertible into State money. In the modern economy State creates money through the relationship between its banking department the central bank and its spending department the treasury. State money is created as deposits or debts are issued on itself by the central bank. State money obviously has the same value than bank deposits because of the financial constraints banks imposed on borrowers and therefore on employment which includes the rate of interest and the rate of mark-up. The power of banks to issue debts on themselves is the outcome of evolution of debtor-creditor relationship Innes 1913 . As soon as a society escapes from the despotic command stage production is sustained by a set of debt relationships. Debts of the credit-worthiest units begin to be accepted as means of settling debts resulting from acquisitions. Soon there are units which are so credit worthy that their debts are universally accepted as means of acquisition at least within a given space. When they specialize into the issue of debts on themselves it is tantamount to deem them banks. There is now a new major question how could modern banks evolve out of a complex debt structure which is Victoria Chick s mystery Answering this question is to explain how the banks own debts can be .