One of the oldest and most awkward conundrums of monetary theory concerns the realization and accumulation of profit in money terms for the aggregate of firms. This paper aims to show that an analysis based on a weak concept of equilibrium as ‘order’, capable of accounting for business...

Together with Wicksell and other German speaking authors, Schumpeter re-defined the foundations of monetary theory replacing the traditional view of money as a "veil", which facilitates exchanges, with the concept of money as capital, which acts as an essential premise for the starting of new...