A reply to the critics of the theory of the monetary circuit
- Introduction
A recent, valuable, contribution by Sergio Cesaratto, Sei lezioni sulla moneta [Six lessons on money], gives me the opportunity to reflect on the theoretical legacy of Augusto Graziani’s monetary circuit approach, meaning both the inspiration that it keeps providing and the several misunderstandings it has been subjected to since its inception. On the one hand, Cesaratto praises the theory of the monetary circuit, for it contributed to unveiling the endogenous nature of money in a capitalist economy.
[Keep reading on Augusto Graziani’s Blog]—