By Alvaro Cencini
This paintings demanding situations conventional financial conception through targeting the position of banks and offers a brand new perception into the function performed via financial institution cash and capital accumulation. a world staff of participants reappraise analyses of the inflation and unemployment constructed through Marshall, Keynes and Robertson. This quantity is released in organization with the Centre for the research of Banking in Switzerland.
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Additional resources for Inflation and Unemployment: Contributions to a New Macroeconomic Approach (Routledge Studies in the Modern World Economy, 3)
Sample text
If we were to compare the chair produced in p0 with the money generated in p1 we would certainly find a numerical discrepancy between the value of the chair and the amount of money. Yet, this is not the right relationship to be investigated. Despite their physical appearance, the chair produced in p0 and that produced in p1 are two completely distinct outputs which can be monetised by two completely different amounts of domestic money. Of course, such a change of scale in the measurement of national output would only 30 ALVARO CENCINI be a nuisance and it would be much more rational to avoid it, but this is not the point.
The positive deposits still available within the banking system are thus matched by an equivalent amount of negative deposits whose content is precisely that part of current output which has not been sold by the firm. The matching of these two entries is the necessary consequence of the threefold nature of any bookkeeping relationship and shows that savings are immediately, though not finally, spent by the firm to cover its debt with the banking system. Acting as intermediaries, banks lend to firms what has been saved by income holders, so that their behaviour can have no influence on the amount of income globally available within the system.
As far as saving is concerned, there is very little to add to what we have already observed. An increase in the propensity to save has no deflationary effect on total demand (since it does not affect income) and can only be the cause of unemployment if it drastically reduces the velocity of circulation of capital. If, because of a change in the behaviour of consumers, firms had to wait much longer before being able to sell the totality of their production, they could decide to decrease its intensity and employ some of their workers only part time.