A Macroeconomic Analysis of Profit
by Andrea Carrera (Author)

About the Author
Andrea Carrera is Professor of Economics at Schiller International University, Madrid campus, Spain. He has gained academic and business experience in both Europe and North America. He has lectured on and authored a number of scientific articles in economics, and he has worked for large and medium companies. Andrea holds a PhD (Switzerland) and an MPhil (Spain) in economics. He loves 20th-century history, languages, food, and hiking with good friends.

About this book
Based on the observation of economic reality, this book provides for the foundations of a new structure of national payment systems. Specifically, to this end, a rigorous accounting for money transactions, savings, and invested profit is suggested, with a major aim to settle sustainable lending levels.
Profit lies at the heart of economic activities. Indeed, companies, from small to large, seek net gains to remunerate shareholders and to increase their assets. Yet, econo-mists are far from sharing a common theory of profit. Using mathematical tools and a discursive approach, this book contributes to the debates in such regard, in the attempt to provide new answers to old economic issues. What is macroeconomic profit? Is there any relationship between wages, lending, and profit?
This book is an accesible resource for econo-mists and financial experts as well as global economics students, researchers, academics and historians alike. It will challenge policy-makers and professionals and lead them on a thought-provoking journey through the realm of macroeconomics.

Brief contents
Introduction 1
1 Money, production, and profit 9
    Bank money and the real economy 9
    Banks since the industrial revolution 18
    Interbank payments and the central bank 28
    What room for profit? 37
2 Classical and neoclassical theories of profit 41
    The old quest for the surplus 42
    Profit at the outset of the neoclassical theory 50
    Profit and contemporary neoclassical models 54
    The neoclassical theory of distribution 60
3 Keynes and Keynesian theories of profit 64
    At first, they were windfalls 65
    The importance of profit expectations 70
    ‘Orthodox’ versions of The General Theory 73
    Post-Keynesian theories 76
4 New directions in the theory of profit 87
    Wages and profit allocation 87
    Wages and invested profit 93
    Value of total output 98
    Profit and interest 101
    Profit and capital growth 104
5 Profit, lending, and banking reforms 108
    The bugbear of a new financial crisis 108
    The fragility of regional regulations 111
    Challenges to Basel III 119
    A reform of the system of national payments 125
Conclusion 135
Bibliography 143
Name index 166
Subject index 171

Series: Routledge Frontiers of Political Economy
Pages: 194 pages
Publisher: Routledge; 1 edition (April 15, 2019)
Language: English
ISBN-10: 0815380356
ISBN-13: 978-0815380351

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