Joseph Schumpeter's Credit View of Money: A Contribution to a “Monetary Analysis” of Capitalism

2016 ◽  
Vol 48 (3) ◽  
pp. 489-514 ◽  
Author(s):  
Odile Lakomski-Laguerre
2020 ◽  
Vol 12 (4) ◽  
pp. 054-076
Author(s):  
Odile Lakomski-Laguerre ◽  

This paper highlights Joseph Schumpeter’s monetary thought, which appears to be neglected, compared to his theory of innovation and entrepreneurship. In particular, the author addresses his completely unknown writing “Das Wesen des Geldes” focused on the topic of money. This book uncovers the “essence” and the logic of money and credit that stem from Schumpeter’s experience as the finance minister and the president of a private bank. Relying on this experience, Schumpeter rediscovers and deepens the credit theory of money, which interprets the money as an institution and a social accounting system, with the banking system seen as the central agency of capitalism. “Das Wesen des Geldes” is particularly interesting, since it is the outcome of Schumpeter’s elaborations within the framework of the German Historical (Ethical) School headed by Gustav Schmoller. This was followed by his moving to the United States, and his views reversed to support the neoclassical framework in line with Marshall – Taussig canon. The fact that “Das Wesen des Geldes” was not published posthumously until 40 years after it was written, shows the coercive power of the rules within the communities of academic economists.


2012 ◽  
Vol 163 (3) ◽  
pp. 96-104 ◽  
Author(s):  
Joachim Klädtke ◽  
Ulrich Kohnle ◽  
Edgar Kublin ◽  
Andreas Ehring ◽  
Hans Pretzsch ◽  
...  

Growth and value production of Douglas-fir under varying stand densities The investigation is focused on the effects of initial tree number and thinning on growth and value performance of Douglas-fir stands. Data base is a coordinated Douglas-fir spacing experiment in South Germany, started 40 years ago and comprising variants of tree numbers with 500, 1,000, 2,000 and 4,000 Douglas-firs per hectare. The treatment was performed according to a standardized experiment program. The results show that at low initial tree numbers, the diameter on breast height (DBH) of (pre)dominant trees at the beginning of the observations (with 12 m top height) is bigger than at higher initial plant numbers. Accordingly, the quotient of height (H) to DBH (as an indicator for tree's static stability) is lower. The further development of DBH and H/DBH quotient is decisively determined by stand treatment, which superimposes the effect of the initial tree number. The total volume growth shows a clear differentiation, too, the variants with initially high tree numbers appearing on top. In the monetary analysis, this ranking is reversed: despite a supposed inferior wood quality, the variants with lower initial tree numbers clearly outperform the ones with higher numbers in terms of value. From these results, the following silvicultural recommendations for Douglas-fir can be derived: the initial tree numbers should be in the range from 1,000 to 2,000 plants per hectare. On technically not accessible sites, even lower tree numbers may come into question. The strong influence of stand treatment on DBH and H/DBH development highlights the problem of postponed thinnings, for this causes growth and stability losses even under favorable starting conditions in terms of competition.


2016 ◽  
Author(s):  
Marc Altddrfer ◽  
Carlos A. De las Salas ◽  
Andre Guettler ◽  
Gunter LLffler

2008 ◽  
Vol 08 (171) ◽  
pp. 1 ◽  
Author(s):  
Helge Berger ◽  
Thomas Harjes ◽  
Emil Stavrev ◽  
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Keyword(s):  

Competitio ◽  
2006 ◽  
Vol 5 (2) ◽  
pp. 99-112
Author(s):  
Balázs Csontó ◽  
Dóra Siklós

A tanulmány célja, hogy megvizsgálja azokat a mechanizmusokat, amelyeken keresztül a monetáris politika kifejti hatását a befektetői döntésekre . A monetáris politikai döntések a transzmissziós csatornákon keresztül gyakorolnak hatást a gazdaságra, így e csatornák működésének alapos megismerése elengedhetetlenül fontos a monetáris politikai célkitűzések megvalósításához. Éppen ezért, a monetáris politika által alkalmazható eszközök nagyon rövid áttekintése után a dolgozat részletesen elemzi az egyes csatornák működését. Ezen belül kitér a hagyományos csatornákra („money view”) és a hitelcsatornára összpontosító nézetekre („credit view”), valamint e csatornáknak az eurózónában és Magyarországon betöltött jelentőségére. A tanulmány befejező része felhívja a figyelmet egy olyan helyzetre, amikor a monetáris politika elveszíti a befektetői döntések befolyásolására vonatkozó képességét, azaz a likviditási csapda jelenségére. Journal of Economic Literature (JEL) kód: E50, E52


2016 ◽  
Vol 46 ◽  
pp. 1-16 ◽  
Author(s):  
Andrew Filardo ◽  
Hans Genberg ◽  
Boris Hofmann

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