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the origin of macroeconomics
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the origin of macroeconomics
by José Villacís
The Origin of Macroeconomics
Presentation by José María Fernández Pirla
Reading guidelines
Original prologue by José Villacís From 1993
Prologue by Paul A. Samuelson
Prologue by Juan Velarde
Prologue by José Villacís 2008
Introduction
1 Part One: THE MARKET
1. Companies and domestic economies
1.1. Introduction
1.2. How money works
1.3. Say’s law
2. Capital
2.1. Introduction
2.2. A terminological and conceptual issue about capital
2.3. Classes of capital
2.3.1. Fixed capital
2.3.2. Working capital
2.4. Financing capital
2.5. Capitalisation
3. The market
3.1. Introduction
3.2. Production and supply on the market
3.3. The formation of demand
3.4. The role of money
3.5. A functional classification of money
4. Potential and actual demand
4.1. Introduction
4.2. Potential demand
4.3. Actual demand
4.4. Potential supply and actual supply
4.5. Market equilibrium and disequilibrium
4.6. Resales and realisations
4.6.1. The mathematical expression of market equilibrium
5. Market terms in mathematics
5.1. Introduction
5.2. The symbology
6. The axiomatic and the market: Production & consumption
6.1. Introduction
6.2. The axioms
6.3. Production & consumption
6.4. The consumption function for bernácer
2 Part Two: MONEY
7. Money
7.1. Introduction
7.2. Money
7.2.1. Disposable funds
7.2.2. The Theory
7.3. The two markets
7.4. The explanation of the theory
7.4.1. The Functional explanation of the theory
7.5. Active operations
7.6. Neutral operations
7.7. Active financial operations
7.8. Monetary equilibrium of the market
8. Macroeconomic terms for the market: global supply and demand
8.1. Introduction
8.2. Actual and potential supply and demand
8.2.1. Summary
8.3. Capitalisation and decapitalisation
8.4. The operation of capitalisation
8.5. Symbolic mathematical interpretation of the operation of capitalisation
8.6. Decapitalisation
9. Commodity currency
9.1. Introduction
9.2. Explanation
9.2.1. Symbolic-Mathematical Explanation of the Commodity Currency
10. Fiat money
10.1. Introduction
10.2. Fiat money in the theory of disposable funds
11. Foreign trade
11.1. Introduction
11.2. Foreign affairs in the theory of disposable funds
11.3. Operative technique
11.4. Balance and imbalance on the balance of payments
12. Interest
12.1. Introduction
12.2. Explication
12.3. Background and explanation of the origin of interest for bernácer
12.4. Interest and savings
12.5. The origin of savings
13. A psychological and monetary criticism of böhm-bawerk
14. Turgot: A discovery in the history of economic thought related to interest
15. Interest revisited
15.1. The profitability of capital
15.2. Risk, profitability and savings
15.3. Interest and time
15.3.1. Interest and the disposal of capital over time
15.4. Productivism
15.5. The insufficiency of savings
15.5.1. A serious mistake by Germán Bernácer
15.6. The cause of interest: errors
15.6.1. Keynes’ vicious circle
15.6.2. Equilibrium between productivity and interest
15.6.3. Interest in saving and interest from savings
15.7. Savings and capitalisation
15.7.1. Speculation
16. The financial market
16.1. Introduction
16.2. Requirement of financial operations
16.3. The market protagonists
16.3.1. The demand for income
16.3.2. The supply of income
16.4. Financial equilibrium or agreement
16.4.1. The one and only multifaceted financial market
16.5. Disposable funds or financial capital and actual capital
16.6. The capital goods market
16.6.1. Conditions for the existence of zero interest
16.6.2. The issue of net disposable funds
3 Part Three: THE CYCLES 2
17. The cycles
17.1. Introduction
17.2. The aetiology of crisis
17.3. A theoretical outline of crises
17.3.1. The design of crisis
17.3.2. Critical period
17.4. Equilibrium
17.4.1. Demand and the price of land
17.5. Land
17.6. Unemployment
17.6.1. Underconsumption and unemployment
17.6.2. Progress and misery
17.7. The explanation
17.8. The end of saving and unemployment
18. The dynamic of crisis in the theory of disposable funds
18.1. Introduction
18.2. Cycles and the system
18.3. The fall
18.4. The graphic representation of the flow of savings
18.5. The physiology of crisis
18.5.1. Boom and crisis
18.5.2. Gold
18.5.3. The gold standard and cycles
18.6. The journey of cycles
18.7. Pessimism
4 Part Four: ANALOGIES & DIFFERENCES WITH OTHER THEORIES
19. Analogies & differences
19.1. Introduction
19.2. The essential keynes and the transcendent in bernácer
19.2.1. Introduction
19.2.2. The explanation
19.3. Brief comment on the demand for money
19.3.1. Liquidity preference
19.3.2. Disposable funds and liquidity
19.3.3. The vicious circle of interest
19.4. Interest
19.5. Say’s law, without say and with keynes
19.6. The identities again
19.7. Bernácer’s criticism and defence of keynes
20. The great doubt
20.1. Introduction
20.2. The interpretation of doubt
20.3. The energy of suspicion
20.4. The invisible bridge of communication
21. Robertson
21.1. Introduction
21.2. Banking policy and price level
21.3. Robertson’s criticism of the theory of disposable funds
21.4. Robertson’s theory on loanable funds
21.5. Bernácer and Robertson’s theory on loanable funds
22. The bitter mexican controversy
22.1. The debate
22.2. Sáenz’ response to the keynesian syllogism
22.3. Forced equilibrium
22.4. Sáenz’ response to forced equilibrium
22.5. Prospective and retrospective
22.6. Sáenz’ response to prospective and retrospective
5 Part Five: MONETARY POLICY OR BERNACERIAN MONETARY REFORM OR RATIONAL UTOPIA
23. Monetary policy or rational utopia
23.1. The natural sanctity of work & divine punishment
23.2. The perfection of the system via the disappearance of the sin
23.3. The recovery of savings
23.4. Capitalist socialisation
23.5. The role of the state in capital formation
23.6. Property trade
23.7. Private property in the new regime
23.8. Companies’ financial techniques
23.9. Marshalling the monetary system
23.10. Private payments in the new system
23.11. Marx and Bernácer
23.12. The security of savings and capital
23.13. The financial market
23.14. War, demand and inflation
23.15. Taxes
23.16. Gold and stability
23.17. Emergency fiscal policy
24. The method
24.1. Introduction
24.2. Economics and psychology
24.3. Thoughts on ‘ex ante’ and ‘ex post’
24.4. Mathematics
24.5. The acceptance of mathematics
24.6. Accounting and statistics
24.7. On the mathematical method
6 Part Six: CONCLUSIONS OF THE WORK
25. Conclusions
7 Part Seven: THE LIFE AND WORK OF GERMÁN BERNÁCER
26. The life and work of Germán Bernácer
26.1. My inspiration
26.2. The early years in Alicante
26.3. Professional life in Alicante
26.4. His marriage and children
26.5. The move to Madrid
26.6. The civil war years
26.7. His works
26.8. The meeting
26.9. The twilight years
Appendixes
Appendix 1: Symbols and clarification of certain nomenclature
Appendix 2: Dictionary of Bernacerian terms (or related terms)
Appendix 3: Opinions on the functional doctrine of money by Germán Bernácer
Appendix 4: General exposition of works by Bernácer, Keynes & others (chronologically)
Appendix 5: Economic theories of Bernácer and Keynes: a general summary
Bibliography
Works by Germán Bernácer
Index of titles
Index of works by years
Index by languages
Articles in the press:
Unpublished works:
Non-economic works published:
Works by josé Villacís González
Books:
Articles in the press
Conferences
General bibliography
Works related to Germán Bernácer
Introduction to a selection of the works of Germán Bernácer
General bibliography with special interest
Bibliography of Keynes
Complementary bibliography
Other bibliography
Notas
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