ECON 590: THE THEORY OF THE CIRCUIT
WINTER 2007
Professor Bernard Vallageas, University of Paris—South
One Credit Hour (Auditors are welcome)
VIDEO LECTURES
READINGS - POWERPOINT SLIDES
8th International Post-Keynesian Conference Paper
COURSE OUTLINE
PART I. THE CIRCULATION OF MONEY IN A PURE MONETARY ECONOMY
Lecture I
Money is primary. Money circulation, graphs and matrixes. Money accounting. The banks and the unity of the banking system.
Lecture II
The financial problem of the non-banks agents (NBA). The necessity of expectations. The non-accumulation of money by the NBA.
PART II. THE CIRCULATION OF MONETARY INCOME IN A MONETARY PRODUCTION ECONOMY
Lecture III.
The business enterprise. Application to the global firm. The Treatise on Money. The government accounting and the monetary surplus or deficit.
Lecture IV.
The circulation of the monetary income. The place of financial markets in the circuit.
Lecture V.
The formation of profit and accounting in income-value
Bernard Vallageas, educated at Ecole Normale Supérieure de Cachan and University of Paris, “agrégé” of economics and management, is one of the founders of the The French circuit school with a dissertation defended in 1976 on the paradox of profit and the economic circuits at the University of Dijon.