Money and payments are familiar to everybody. Economists however
are often at a loss in assessing the extent to which money matters.
As a matter of fact, money is at the origin of the main cleavage in
economic theory. Beyond sophisticated models what is at stake is
whether money is just an appearance which hides the essence of
economic life (value and happiness of people) or, on the contrary,
the very substance of economic relations, not limited to exchanges,
in which power and sovereignty are ever present. In a first part,
the author shows how fragile and shaky are the attempts made by
value theoreticians to integrate money into their analysis. In a
second part, he develops a rigorous alternative theory by giving
strong logical foundations to a monetary analysis in the spirit of
Keynes. Many important economic phenomena left unexplained by
academic theory are accounted for (involuntary equilibrium
unemployment), a new method in dynamics is resorted to (viability
theory) and various economic relations are elucidated which are not
reducible to exchange, the only one dealt with by academic
theoreticians. This is the case of the wage relationship. Although
written in view of an audience acquainted with economic theory,
this book can be read nevertheless by a larger circle since the
technicalities have been reduced to what is strictly necessary to
understand what is at stake.
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