Arestis, Philip; Sawyer, Malcolm - In: Banca Nazionale del Lavoro Quarterly Review 56 (2003) 225, pp. 113-136
Recent developments in macroeconomics, and economic policy in general, have produced a "new consensus" economy-wide model, in which the stock of money doesnot play any causal role. The stock of money operates a mere residual in the economic process. The absence of the stock of money in many...