Le modèle présenté dans ce papier étudie les différents équilibres d’une économie dans laquelle l... more Le modèle présenté dans ce papier étudie les différents équilibres d’une économie dans laquelle les agents peuvent choisir le moyen de paiement, la monnaie externe ou la monnaie interne, à utiliser dans leurs transactions. L’approche défendue ici est différente de celle qui pense la concurrence à partir des fonctions d’intermédiation des échanges et de réserve de valeur de la monnaie. On peut interpréter la coexistence des monnaies en faisant appel à la conception « des deux circulations » présente chez Smith et Tooke : la circulation du revenu, entre entrepreneurs et salariés, et la circulation du capital, entre entrepreneurs. On établit que l’autorité monétaire a généralement les moyens d’imposer la monnaie externe dans la circulation du revenu quel que soit le choix des salariés mais non dans celle du capital. Si la moitié des entrepreneurs adoptent la monnaie interne, chacun deux aura intérêt à se conformer à ce choix quelle que soit l’action de l’autorité. Cette dualité de circulation est fondamentale pour expliquer l’équilibre désigné comme équilibre de Tooke : la monnaie externe est choisie pour la circulation du revenu, la monnaie interne, supposée moins coûteuse, dans celle du capital.We present a model to analyze different equilibria that exist in an economy in which agents can choose the means of payment to use in trade ; i. e., inside or outside money. Our approach departs from the usual explanation of competition as a phenomenon related to money functions (means of payment and store of value). We interpret competition from the two circulations perspective, developed by Tooke and Smith : income circulation, between entrepreneurs and workers, and capital circulation, between entrepreneurs. We claim that monetary authorities can generally assure that outside money is used in income circulation transactions regardless of workers’ choice. However, authorities cannot affect the means of payment used in equilibrium in capital circulation transactions. If half of entrepreneurs adopt inside money instead of outside money, all of them will choose the former regardless of authorities’ decisions. The distinction between ‘circulations’ is crucial to explain the equilibrium that corresponds to Tooke’s description : outside money is chosen for income circulation transactions whereas inside money (assumed to be less costly) is chosen in capital circulation.ou
Marx planteaba la misma idea, pero utilizando su teoría del valor, la cual es rechazada por Carte... more Marx planteaba la misma idea, pero utilizando su teoría del valor, la cual es rechazada por Cartelier.
La theorie economique n’a plus les faveurs des economistes academiques et autres. Les raisons de ... more La theorie economique n’a plus les faveurs des economistes academiques et autres. Les raisons de ce discredit sont multiples mais elles concernent principalement le retrecissement du domaine couvert en raison d’une exigence croissante de coherence et la volonte de tester empiriquement certaines hypotheses fondamentales qui efface la frontiere traditionnelle entre les disciplines. Le developpement des techniques quantitatives de traitement des donnees et la nature des questions posees font que maints travaux empiriques relevent autant de l’economie que de la sociologie.Ce declin de la theorie economique concerne principalement le paradigme dominant qui a donne aux economistes a la fois le type de problemes a resoudre (existence et optimalite des equilibres) et les outils pour le faire (modeles mathematiques associant comportements rationnels et conditions d’equilibre). Il concerne peu le paradigme domine, que Schumpeter appelle analyse monetaire qu’il oppose a la theorie de la valeur. Illustre par Steuart au xviiie siecle et Keynes au xxe, il se caracterise par d’autres questions (viabilite plutot qu’equilibre) et d’autres representations de l’economie (matrices de paiements plutot que matrices de demandes excedentaires).Classification JEL : A10, A11, A12, B10, B20.
Money and payments are familiar to everybody. Economists, however, are often at a loss in assessi... more Money and payments are familiar to everybody. Economists, however, are often at a loss in assessing the extent to which money matters. As a matter of fact, money is at the origin of the main cleavage in economic theory. Beyond sophisticated models what is at stake is whether money is just an appearance which hides the essence of economic life (value and happiness of people) or, on the contrary, the very substance of economic relations, not limited to exchanges, in which power and sovereignty are ever present. In a first part, the author shows how fragile and shaky are the attempts made by value theoreticians to integrate money into their analysis. In a second part, he develops a rigorous alternative theory by giving strong logical foundations to a monetary analysis in the spirit of Keynes. Many important economic phenomena left unexplained by academic theory are accounted for (involuntary equilibrium unemployment), a new method in dynamics is resorted to (viability theory) and various economic relations are elucidated which are not reducible to exchange, the only one dealt with by academic theoreticians. This is the case of the wage relationship. Although written in view of an audience acquainted with economic theory, this book can be read nevertheless by a larger circle since the technicalities have been reduced to what is strictly necessary to understand what is at stake. List of figures vii List of tables viii List of schemas ix 4 Primitives of a monetary analysis 79 The fundamental postulates 81 Money and accounts: a close connexion 85 The minting process, a crucial element of a monetary economy 88 Contents vi Contents 5 A pure market economy: exchange relations A market economy: main characteristics 96 Some propositions 112 The dynamics of market relations 123 6 Entrepreneurs, wage-earners and capitalists The rationale for the differentiation of entrepreneurs and wage-earners 136 Specific properties of an entrepreneur economy 148 The level of activity: a crucial point 154 7 Some specific properties of a capitalist economy Kalecki's principle 181 Involuntary unemployment steady-states: Solow as a special case of a monetary analysis 182 Disequilibrium dynamics: Harrod's razor-edge 187 From entrepreneur economy to finance 192 Conclusion Some advances of the present essay 218 Economics and the plurality of social disciplines: a suggested interpretation 222 References Index commodities. This exercise is known as integration of money into value theory. Conceiving money as a commodity (however special) may appear strange in regard of what ordinary economic life suggests. The everyday economic relations that we can observe seem to belong to a complex system in which for exchange nor for power. They are beyond exchange and predation. They must be studied for themselves. Accordingly, what has to be discovered are the rules of the game played by humans when their relationships are mediated through money. Chess players are human beings. When they play chess they are more than pure human
A pure monetary exchange economy is populated by individuals who are free to choose their special... more A pure monetary exchange economy is populated by individuals who are free to choose their specialization of production, to buy the corresponding inputs and the goods they consume or accumulate. Nobody can force anyone to buy or to sell: relations between individuals are prompted by voluntary exchange which is another way to that equivalence is the rule. Exchanges do not take place but through money. Individuals get their means of payments from an institution (Mint, banking system, etc.) by monetization of part of their wealth (coinage of precious metals in metallic systems or against promises of future payments in case of credit, etc.)1 . Being decentralized, the decisions taken by individuals are generally not spontaneously mutually compatible. Regulatory mechanisms are necessary to remedy these incompatibilities. The so-called law of supply and demand is most often invoked. This will be di¤erent in this paper where the monetary character of the economy is exclusively considered....
Cahiers d'économie Politique / Papers in Political Economy, 2019
On peut etre tente de chercher l’origine du liberalisme dans les reactions negatives aux politiqu... more On peut etre tente de chercher l’origine du liberalisme dans les reactions negatives aux politiques mercantilistes suivies jusqu’au XVIIe siecle. Quoique raisonnable, cette idee souffre des exceptions. Quesnay est l’une des plus notables.Sa pensee economique et sociale, quoique radicalement opposee a celle de Colbert, est loin d’annoncer le liberalisme. Elle repose sur un concept incompatible avec un quelconque liberalisme economique ou politique, a savoir le royaume agricole.Forge en vue d’une refondation de la monarchie francaise, le concept de royaume agricole permet a Quesnay de relever un defi en theorie economique (comment est-il possible de distinguer deux sortes de richesse alors qu’elles sont homogeneisees par la monnaie) et de justifier une hierarchie politique traditionnelle par des arguments nouveaux (si un regime republicain est bien adapte pour une republique du commerce, un royaume agricole ne peut s’accommoder que d’une monarchie absolue dominee par les proprietaires fonciers).Les principaux traits du liberalisme d’aujourd’hui – deregulation des flux financiers, flexibilite des salaires, etc. – ne se trouvent pas dans l’œuvre de Quesnay.
Le modèle présenté dans ce papier étudie les différents équilibres d’une économie dans laquelle l... more Le modèle présenté dans ce papier étudie les différents équilibres d’une économie dans laquelle les agents peuvent choisir le moyen de paiement, la monnaie externe ou la monnaie interne, à utiliser dans leurs transactions. L’approche défendue ici est différente de celle qui pense la concurrence à partir des fonctions d’intermédiation des échanges et de réserve de valeur de la monnaie. On peut interpréter la coexistence des monnaies en faisant appel à la conception « des deux circulations » présente chez Smith et Tooke : la circulation du revenu, entre entrepreneurs et salariés, et la circulation du capital, entre entrepreneurs. On établit que l’autorité monétaire a généralement les moyens d’imposer la monnaie externe dans la circulation du revenu quel que soit le choix des salariés mais non dans celle du capital. Si la moitié des entrepreneurs adoptent la monnaie interne, chacun deux aura intérêt à se conformer à ce choix quelle que soit l’action de l’autorité. Cette dualité de circulation est fondamentale pour expliquer l’équilibre désigné comme équilibre de Tooke : la monnaie externe est choisie pour la circulation du revenu, la monnaie interne, supposée moins coûteuse, dans celle du capital.We present a model to analyze different equilibria that exist in an economy in which agents can choose the means of payment to use in trade ; i. e., inside or outside money. Our approach departs from the usual explanation of competition as a phenomenon related to money functions (means of payment and store of value). We interpret competition from the two circulations perspective, developed by Tooke and Smith : income circulation, between entrepreneurs and workers, and capital circulation, between entrepreneurs. We claim that monetary authorities can generally assure that outside money is used in income circulation transactions regardless of workers’ choice. However, authorities cannot affect the means of payment used in equilibrium in capital circulation transactions. If half of entrepreneurs adopt inside money instead of outside money, all of them will choose the former regardless of authorities’ decisions. The distinction between ‘circulations’ is crucial to explain the equilibrium that corresponds to Tooke’s description : outside money is chosen for income circulation transactions whereas inside money (assumed to be less costly) is chosen in capital circulation.ou
Marx planteaba la misma idea, pero utilizando su teoría del valor, la cual es rechazada por Carte... more Marx planteaba la misma idea, pero utilizando su teoría del valor, la cual es rechazada por Cartelier.
La theorie economique n’a plus les faveurs des economistes academiques et autres. Les raisons de ... more La theorie economique n’a plus les faveurs des economistes academiques et autres. Les raisons de ce discredit sont multiples mais elles concernent principalement le retrecissement du domaine couvert en raison d’une exigence croissante de coherence et la volonte de tester empiriquement certaines hypotheses fondamentales qui efface la frontiere traditionnelle entre les disciplines. Le developpement des techniques quantitatives de traitement des donnees et la nature des questions posees font que maints travaux empiriques relevent autant de l’economie que de la sociologie.Ce declin de la theorie economique concerne principalement le paradigme dominant qui a donne aux economistes a la fois le type de problemes a resoudre (existence et optimalite des equilibres) et les outils pour le faire (modeles mathematiques associant comportements rationnels et conditions d’equilibre). Il concerne peu le paradigme domine, que Schumpeter appelle analyse monetaire qu’il oppose a la theorie de la valeur. Illustre par Steuart au xviiie siecle et Keynes au xxe, il se caracterise par d’autres questions (viabilite plutot qu’equilibre) et d’autres representations de l’economie (matrices de paiements plutot que matrices de demandes excedentaires).Classification JEL : A10, A11, A12, B10, B20.
Money and payments are familiar to everybody. Economists, however, are often at a loss in assessi... more Money and payments are familiar to everybody. Economists, however, are often at a loss in assessing the extent to which money matters. As a matter of fact, money is at the origin of the main cleavage in economic theory. Beyond sophisticated models what is at stake is whether money is just an appearance which hides the essence of economic life (value and happiness of people) or, on the contrary, the very substance of economic relations, not limited to exchanges, in which power and sovereignty are ever present. In a first part, the author shows how fragile and shaky are the attempts made by value theoreticians to integrate money into their analysis. In a second part, he develops a rigorous alternative theory by giving strong logical foundations to a monetary analysis in the spirit of Keynes. Many important economic phenomena left unexplained by academic theory are accounted for (involuntary equilibrium unemployment), a new method in dynamics is resorted to (viability theory) and various economic relations are elucidated which are not reducible to exchange, the only one dealt with by academic theoreticians. This is the case of the wage relationship. Although written in view of an audience acquainted with economic theory, this book can be read nevertheless by a larger circle since the technicalities have been reduced to what is strictly necessary to understand what is at stake. List of figures vii List of tables viii List of schemas ix 4 Primitives of a monetary analysis 79 The fundamental postulates 81 Money and accounts: a close connexion 85 The minting process, a crucial element of a monetary economy 88 Contents vi Contents 5 A pure market economy: exchange relations A market economy: main characteristics 96 Some propositions 112 The dynamics of market relations 123 6 Entrepreneurs, wage-earners and capitalists The rationale for the differentiation of entrepreneurs and wage-earners 136 Specific properties of an entrepreneur economy 148 The level of activity: a crucial point 154 7 Some specific properties of a capitalist economy Kalecki's principle 181 Involuntary unemployment steady-states: Solow as a special case of a monetary analysis 182 Disequilibrium dynamics: Harrod's razor-edge 187 From entrepreneur economy to finance 192 Conclusion Some advances of the present essay 218 Economics and the plurality of social disciplines: a suggested interpretation 222 References Index commodities. This exercise is known as integration of money into value theory. Conceiving money as a commodity (however special) may appear strange in regard of what ordinary economic life suggests. The everyday economic relations that we can observe seem to belong to a complex system in which for exchange nor for power. They are beyond exchange and predation. They must be studied for themselves. Accordingly, what has to be discovered are the rules of the game played by humans when their relationships are mediated through money. Chess players are human beings. When they play chess they are more than pure human
A pure monetary exchange economy is populated by individuals who are free to choose their special... more A pure monetary exchange economy is populated by individuals who are free to choose their specialization of production, to buy the corresponding inputs and the goods they consume or accumulate. Nobody can force anyone to buy or to sell: relations between individuals are prompted by voluntary exchange which is another way to that equivalence is the rule. Exchanges do not take place but through money. Individuals get their means of payments from an institution (Mint, banking system, etc.) by monetization of part of their wealth (coinage of precious metals in metallic systems or against promises of future payments in case of credit, etc.)1 . Being decentralized, the decisions taken by individuals are generally not spontaneously mutually compatible. Regulatory mechanisms are necessary to remedy these incompatibilities. The so-called law of supply and demand is most often invoked. This will be di¤erent in this paper where the monetary character of the economy is exclusively considered....
Cahiers d'économie Politique / Papers in Political Economy, 2019
On peut etre tente de chercher l’origine du liberalisme dans les reactions negatives aux politiqu... more On peut etre tente de chercher l’origine du liberalisme dans les reactions negatives aux politiques mercantilistes suivies jusqu’au XVIIe siecle. Quoique raisonnable, cette idee souffre des exceptions. Quesnay est l’une des plus notables.Sa pensee economique et sociale, quoique radicalement opposee a celle de Colbert, est loin d’annoncer le liberalisme. Elle repose sur un concept incompatible avec un quelconque liberalisme economique ou politique, a savoir le royaume agricole.Forge en vue d’une refondation de la monarchie francaise, le concept de royaume agricole permet a Quesnay de relever un defi en theorie economique (comment est-il possible de distinguer deux sortes de richesse alors qu’elles sont homogeneisees par la monnaie) et de justifier une hierarchie politique traditionnelle par des arguments nouveaux (si un regime republicain est bien adapte pour une republique du commerce, un royaume agricole ne peut s’accommoder que d’une monarchie absolue dominee par les proprietaires fonciers).Les principaux traits du liberalisme d’aujourd’hui – deregulation des flux financiers, flexibilite des salaires, etc. – ne se trouvent pas dans l’œuvre de Quesnay.
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