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Cambridge Journal of Economics Advance Access originally published online on February 16, 2006
Cambridge Journal of Economics 2006 30(4):651-656; doi:10.1093/cje/bei108
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Notes and Comments

Circulation and effective demand: a comment on Nell

Mark Lautzenheiser and Yavuz Yasar*

* Earlham College and University of Denver, respectively

Address for correspondence: Mark Lautzenheiser, Department of Economics, Earlham College, 801 National Road West, Richmond, IN 47374-1207, USA; email: lautzma{at}earlham.edu

Abstract

In a recent paper in this Journal, Ed Nell presented a theory of circulation intended to unify ‘the theories of money, production, and effective demand’. The current comment uses a very simple leakage and injection approach to arrive at some of Nell's results. In doing so, we are able to correct a small slip in Nell's original paper. More importantly, with the slip corrected, the money supply and multiplier processes are seen to be one and the same.

Key Words: Circulation • Money • Macroeconomics

JEL classifications: E11, E12, E40

Manuscript received October 4, 2004; final version received July 15, 2005.


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