Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79501
Authors: 
Kakarot-Handtke, Egmont
Year of Publication: 
2012
Series/Report no.: 
Working Paper, Levy Economics Institute 731
Abstract: 
This paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better, provided it frees itself from theoretically ill-founded notions like GDP and other artifacts of the equilibrium approach. National accounting as such does not provide a model of the economy but is, rather, the numerical reflex of the underlying theory. It is this theory that will be scrutinized, rectified, and ultimately replaced in what follows. The formal point of reference is the integrated approach to credit, money, income, production and wealth of Wynne Godley and Marc Lavoie.
Subjects: 
New Framework of Concepts
Structure-Centric
Axiom Set, Primacy of Theory
Income
Profit
Distributed Profit
Money
Flow
Residual
Transaction Matrix
General Complementarity
JEL: 
B41
E01
Document Type: 
Working Paper

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