ABSTRACT OF PAPER
Title: THORSTEIN VEBLEN AND THE MONETARY THEORY OF PRODUCTION: competitive consumptions, profits and wages
Author:
The aim of this paper is to propose an interpretation of Thorstein Veblen’s thought in the light of the so called monetary theory of production (MTP). It will be argued that the “leisure class”, including the “captains of finance”, manages the money market, thus affecting the interest bill. At the same time, being the leisure class interested in competitive and conspicuous consumptions, financial rents are items of ‘aggregate demand’. In this theoretical context, the relationship between consumptions on the part of the leisure class, profits and real wages will be explored.
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