The magnum opus of Bernard Schmitt, published here in English for the first time with an extensive introduction, provides a revolutionary explanation of the cause of today's economic disorder as well as an innovative solution allowing for the passage from disorder to order.
The magnum opus of Bernard Schmitt, published here in English for the first time with an extensive introduction, provides a revolutionary explanation of the cause of today's economic disorder as well as an innovative solution allowing for the passage from disorder to order.
Bernard Schmitt was a full professor of Monetary Macroeconomics at the Universities of Burgundy (Dijon), France and of Fribourg, Switzerland. He was also the co-director of the Laboratory of Research in Monetary economics at the Centre for Banking Studies in Lugano, Switzerland. Among his main publications are: La formation du pouvoir d'achat, Monnaie, salaires et profits, Macroeconomic Theory, A Fundamental Revision, Théorie unitaire de la monnaie, nationale et internationale, La France souveraine de sa monnaie, External Debt Servicing. A Vicious Circle, and a number of contributions to collective books as well as papers published in peer-reviewed journals. English translation and introduction by Xavier Bradley, Université de Bourgogne, France. Alvaro Cencini, Università della Svizzera italiana, Switzerland.
Inhaltsangabe
Forward by Xavier Bradley and Alvaro Cencini Forward by the Bernard Schmitt GENERAL INTRODUCTION Quantum time 1. Production and time 2. Expenditures and time 3. 3.Production and expenditure constitute one unique event: the emission PART I:THE FUNCTIONING OF THE DOMESTIC ECONOMY: FROM WAGES TO CAPITAL 4. From production to consumption: the creation and destruction of wages 5. Capital PART II: THE DYSFUNCTION OF THE DOMESTIC ECONOMY: FROM CAPITAL TO CAPITALISM 6. The quantitative theory and the quantum theory of inflation 7. Inflation and unemployment have the same aetiology: empty emissions 8. The two benign cases of empty emissions or of inflation 9. It is precisely because fixed capital is the property of a non-person (the disembodied set of firms), that its amortization causes the malignant emissions 10. In most advanced capitalism, a third of the industries in the country issue empty wages 11. The malignant emissions and unemployment PART III: THE REMEDIES USUALLY PROPOSED, THEIR INEFFICIENCY EVALUATED IN THE LIGHT OF THE THEORY OF EMISSIONS 12. Money does not circulate in the economy 13. Far from being independent from each other, global supply and demand are logically merged into one unique magnitude; only confusion in the mind can separate them 14. Inflation and unemployment are totally independent from the behaviour of economic agents PART IV: THE SOLUTION IS IN THE DIVISION OF THE ACTIVITY OF BANKS IN THREE DEPARTMENTS. LIBERATED FROM EMPTY EMISSIONS, THE DOMESTIC ECONOMY FOLLOWS SAY'S LAW: IT ENSURES FULL EMPLOYMENT WITHOUT INFLATION 15. The division of banks in two departments 16. The economy equipped with a network of deposit banks all divided in three departments will be totally free from empty emissions GENERAL CONCLUSION The micro-macro distinction in economic analysis 17. Macroeconomics is the domain of absolute exchanges 18. Confrontation between the two paradigms: absolute exchanges, relative exchanges 19. The determination of wages 20. The circuit, macroeconomic concept par excellence, is the identity of income's outflow and inflow SYNOPSIS OF QUANTUM MACROECONOMICS 1. Production and time 2. Production and expenditures 3. Measurement in the economy and in economics 4. The creation of money 5. Capital 6. Inflation is a "malformation" of capital 7. At the core, inflation is caused by the systematic dysfunction of fixed capital's amortization 8. Production of the second sector, inflation is defined in quantum time; its measure in continuous time does not let the magnitude of the disorder become apparent 9. Involuntary unemployment would necessarily be nil if the domestic economy did not include any dual production 10. Neither inflation nor unemployment would exist in an economy where all the monetary capital would transit through financial markets Glossary of the Main Concepts Afterword Appendix Afterword by Henri Guitton Bibliography Index
Forward by Xavier Bradley and Alvaro Cencini Forward by the Bernard Schmitt GENERAL INTRODUCTION Quantum time 1. Production and time 2. Expenditures and time 3. 3.Production and expenditure constitute one unique event: the emission PART I:THE FUNCTIONING OF THE DOMESTIC ECONOMY: FROM WAGES TO CAPITAL 4. From production to consumption: the creation and destruction of wages 5. Capital PART II: THE DYSFUNCTION OF THE DOMESTIC ECONOMY: FROM CAPITAL TO CAPITALISM 6. The quantitative theory and the quantum theory of inflation 7. Inflation and unemployment have the same aetiology: empty emissions 8. The two benign cases of empty emissions or of inflation 9. It is precisely because fixed capital is the property of a non-person (the disembodied set of firms), that its amortization causes the malignant emissions 10. In most advanced capitalism, a third of the industries in the country issue empty wages 11. The malignant emissions and unemployment PART III: THE REMEDIES USUALLY PROPOSED, THEIR INEFFICIENCY EVALUATED IN THE LIGHT OF THE THEORY OF EMISSIONS 12. Money does not circulate in the economy 13. Far from being independent from each other, global supply and demand are logically merged into one unique magnitude; only confusion in the mind can separate them 14. Inflation and unemployment are totally independent from the behaviour of economic agents PART IV: THE SOLUTION IS IN THE DIVISION OF THE ACTIVITY OF BANKS IN THREE DEPARTMENTS. LIBERATED FROM EMPTY EMISSIONS, THE DOMESTIC ECONOMY FOLLOWS SAY'S LAW: IT ENSURES FULL EMPLOYMENT WITHOUT INFLATION 15. The division of banks in two departments 16. The economy equipped with a network of deposit banks all divided in three departments will be totally free from empty emissions GENERAL CONCLUSION The micro-macro distinction in economic analysis 17. Macroeconomics is the domain of absolute exchanges 18. Confrontation between the two paradigms: absolute exchanges, relative exchanges 19. The determination of wages 20. The circuit, macroeconomic concept par excellence, is the identity of income's outflow and inflow SYNOPSIS OF QUANTUM MACROECONOMICS 1. Production and time 2. Production and expenditures 3. Measurement in the economy and in economics 4. The creation of money 5. Capital 6. Inflation is a "malformation" of capital 7. At the core, inflation is caused by the systematic dysfunction of fixed capital's amortization 8. Production of the second sector, inflation is defined in quantum time; its measure in continuous time does not let the magnitude of the disorder become apparent 9. Involuntary unemployment would necessarily be nil if the domestic economy did not include any dual production 10. Neither inflation nor unemployment would exist in an economy where all the monetary capital would transit through financial markets Glossary of the Main Concepts Afterword Appendix Afterword by Henri Guitton Bibliography Index
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