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Kalecki-Minsky-monetary circuit complexity
Kalecki-Minsky-monetary circuit complexity
ROMAR CORREA
We work through a connection between commodity production and money. The former is drawn from the theories of investment of Michal Kalecki and Hyman Minsky. The latter is motivated by the theory of the monetary circuit translated in the framework of Wynne Godley and Francis Cripps (1983). We set up and solve a mixed differential-difference equation in the manner of Giancarlo Gandolfo (1971). Complexity is defined as the potential emergence of surprise in the combination of two parameters in the solutions of the equation, one for money and one for the real economy.
Volume :- No.17 (2023)
Issue No :- 2 (2023)
Pages :- 177-194