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Introduction: Money, Distribution Conflict and Capital Accumulation

In: Money, Distribution Conflict and Capital Accumulation

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  • Eckhard Hein

Abstract

The role of money and the question of its neutrality — or non-neutrality — have been a contested area of research in political economy, and later on in economics, from the very beginning, with no consensus established until the present. Relating to this issue, Schumpeter (1954) introduced the fundamental distinction between ‘real analysis’ and ‘monetary analysis’. In ‘real analysis’, the equilibrium values of the economic system — that is, output, employment, distribution and growth — can be determined without any reference to monetary variables. In ‘monetary analysis’, however, monetary variables are not considered to be merely an inessential veil, but enter into economic theory at the very beginning, and the real equilibrium cannot be determined without reference to monetary variables.

Suggested Citation

  • Eckhard Hein, 2008. "Introduction: Money, Distribution Conflict and Capital Accumulation," Palgrave Macmillan Books, in: Money, Distribution Conflict and Capital Accumulation, chapter 1, pages 1-3, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59560-6_1
    DOI: 10.1057/9780230595606_1
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    Cited by:

    1. Özdemir Onur, 2019. "Financialization and the Labor Share of Income," Review of Economic Perspectives, Sciendo, vol. 19(4), pages 265-306, December.
    2. Hein, Eckhard, 2022. "Varieties of demand and growth regimes: Post-Keynesian foundations," IPE Working Papers 196/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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