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Introduction à une théorie générale de la monnaie et du capital

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  • Patrick Castex

Abstract

ISLM model is a fable, because Keynes' market of money stock doesn't stand up: the demand of money for speculation purpose is just a myth at the macro economic level. It's necessary to reconsider speculation on financial markets and the link between interest rate and profit rate. We propose here a sketch of an "eclectic" model "IS EP", Investment Saving, Employment Profitability; eclectic because it mixes the theory ? of classic supply school including Marx ? of labour value, and of profit which results from it, with a radicalised Keynes stressing the outlet constraint. With the introduction of the catalyst money into the real sphere and financial markets; the finance-money. Thanks to the dialectic flows (transaction mean) and stock (value reserve, including capital-money), this model first of static equilibrium can become dynamic and explain fluctuations and growth.

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  • Patrick Castex, 2003. "Introduction à une théorie générale de la monnaie et du capital," Innovations, De Boeck Université, vol. 17(1), pages 29-50.
    • Handle: RePEc:cai:inndbu:inno_017_0029
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    Cited by:

    1. Castex, Patrick, 2011. "Baisse des taux de profit et d’intérêt en France," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 9.

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