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By Alvaro Cencini

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Extra info for Macroeconomic Foundations of Macroeconomics (Routledge Frontiers of Political Economy)

Example text

In contrast with the notions of consumption function and equilibrium advocated by mainstream economists, the macroeconomic analysis advocated here shows that, like production, consumption concerns the absolute exchange between money and output. Interpreted as the expenditure carried out for the final purchase of produced output, consumption is an instantaneous, macroeconomic event defining the destruction of a positive income. The problem of the macroeconomic analysis of capital and interest is considered in Chapter 7.

Well known by experts of international economics, the problem relates to the necessary equilibrium of the balance of payments and, more precisely, to the necessary equality between world current account surpluses and world current account deficits. As unanimously recognized, a country’s current account surplus/deficit is another country’s (or group of countries’) current account deficit/surplus, so that, on the whole, the global current account should always equal zero. However, this is not what happens in the real world.

Since it is through the association of money with produced output that income is formed, and since income is the specific result of production, it follows that, from a purely economic viewpoint, production is the instantaneous event (the payment of wages) through which produced output is issued as a positive amount of money income. In its most rigorous definition, production is then an absolute exchange since it is the very transaction through which output is changed into a sum of money income, that is, through which output becomes the object of a bank deposit.

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