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RESEARCH PRODUCT

Quantum macroeconomics: A tribute to Bernard Schmitt

Claude GnosSergio RossiSergio RossiSergio RossiAlvaro Cencini

subject

InflationMacroeconomicsMonetary economies of productionDemand depositMoney and bankingmedia_common.quotation_subjectKeynesian economicsTributeFinancial crisesInflationEconomíaUnemploymentSovereign debtUnemploymentEconomicsSovereign debtGeneral Economics Econometrics and FinanceMechanism (sociology)Quantum macroeconomicsmedia_common

description

Bernard Schmitt, the founder of quantum macroeconomics, died on 26 March 2014. His legacy concerns the discovery of the logical laws of monetary macroeconomics and extends to the explanation of the origin and nature of economic and financial crises. Starting from a novel conception of bank money, he was able to show that economics is founded on true macroeconomic laws, which take the form of logical identities. This paper is a brief and necessarily incomplete introduction to the main themes of Schmitt's macroeconomic analysis. It ranges from the distinction between money and income that lies at the hearth of his theory of the circuit, to the investigation of inflation and unemployment as pathological manifestations of a macroeconomic disorder, to the groundbreaking discovery of the mechanism of duplication leading to the formation of sovereign debt.

yearjournalcountryeditionlanguage
2016-05-01Cuadernos de Economía
https://doi.org/10.1016/j.cesjef.2016.04.001