Capital Theory and Monetary Theory

Author: Liu Xin
Publisher:
Publish Date: 2006-06-01
Features: This series of books includes "Capital Theory and Monetary Theory," "Marxian Economics and Classical General Equilibrium Theory," "Macroeconomic Theory of the Monetary Economy," and "The Development and Reconstruction of Monetary Theory." The series is mainly written by the PhD students I supervised. It provides a more systematic theoretical elaboration of my book "Capital Theory—Effective Demand and Monetary Theory" (People's Publishing House, 2003), forming a discussion and reorganization of the main debates and theoretical literature in contemporary theoretical economics. The content discussed in this book primarily stems from the theoretical debates in economics triggered by the "Cambridge Capital Controversy" of the 1960s and 1970s. The analysis of Marxian economics and its debated issues in this book connects to an important conclusion reached by the author while researching the Cambridge Capital Controversy and the debates surrounding Keynesian economics: that all aggregate indicators in the current national income accounting systems, expressed in monetary terms, are completely unrelated to neoclassical production functions or technological relationships. Instead, they are determined solely by the monetary financial system of capitalist economies, which is shaped by social relations.