The aim of this paper is to provide a critical reconstruction of the evolution of the so-called monetary circuit approach (MCA), with particular reference to the notion of ‘equilibrium’ and the capacity of a deregulated market economy to spontaneously achieve it. This topic will be dealt with by comparing three different views: the view that the MCA confirms Say’s Law; the view of the relevance of uncertainty in this theoretical context, and the Marxist interpretation of the MCA as the “cycle of money capital”.
Keywords: Monetary theory of production, equilibrium, uncertainty, Marx
JEL classification: B22: History of Economic Thought: Macroeconomics E12: General Aggregative Models: Keynes; Keynesian; Post-Keynesian E20: Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
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