Many economists believe that the nature of exchange rate management was an important reason for rapid economic growth in East Asia. In this view, Asian countries avoided extreme exchange rate appreciations and kept their nominal exchange rates close to market clearing levels. In contrast, the...

This article aims to develop reproduction schemes in two ways: It introduces the “depreciation” (wear and tear) of fixed means of production explicitly into the schemes. A separation of fixed means of production from its depreciation provides a clearer vision for the general nature of...