Doctoral thesis

Profit theory : a new macroeconomic approach


249 p

Thèse de doctorat: Università della Svizzera italiana, 2016

English Profit and its investment in productive activities lie at the heart of modern monetary economies. Indeed, it is thanks to profit investment that fixed capital is produced and used by companies to increase the number of consumption goods and, ultimately, to increase the wealth of households. Yet, despite economists’ full understanding of corporate gains from a microeconomic standpoint, economists are far from sharing a common theory of macroeconomic profit. In this book, an assessment is made of profit theories since 1874, the year that marked the advent of so-called mainstream economics. Following an analysis of bank money, a discrete-time theory of profit formation and economic growth is then proposed. Possibly the main conclusion of this inquiry, monetary authorities should distinguish distributive payments from those transactions that define the creation of new income. Thus, a reform of the system of national payments is advocated, aiming to keep record of all production-based wealth.
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