The aim of Bernard Schmitt’s analysis of the monetary economy of production was twofold: to introduce and to explain the logical character of the macroeconomic laws governing our economies and to explain the origin of the pathologies that follow if these laws are not complied with. Schmitt’s main original contributions concern the theories of value, profit, and capital, as well as his explanation of inflation, unemployment and international payments, unified as quantum macroeconomic analys...

This book demonstrates the relevance of the historical perspective with respect to national and international payment systems. Its analysis of national and international payments develops along a dialectical path that starts with the work of the Classics (thesis), undergoes a radical turn with the advent of the neoclassical school (antithesis), and reaches the modern theory of emissions passing through Keynes’s contribution (synthesis). That the history of economic thought occupies a legit...

Quantum Macroeconomics presents a new paradigm in macroeconomic analysis initiated by Bernard Schmitt. It explains the historical origin, the analytical contents, and the actual relevance of this new paradigm, with respect to current major economic issues at national and international level. These issues concern both advanced and emerging market economies, referring to inflation, unemployment, financial instability, and economic crises.In the first part of this volume, lea...

This book deals with the structural origins of economic and financial crises. It explains that both economic theories and policies need to be grounded on a monetary macroeconomic analysis of the working of domestic and international economies. The volume outlines reform proposals to make sure that banking activities respect the nature of money.

This book offers an informal, easy-to-understand account of topics in modern physics and mathematics. The focus is, in particular, on statistical mechanics, soft matter, probability, chaos, complexity, and models, as well as their interplay. The book features 28 key entries and it is carefully structured so as to allow readers to pursue different paths that reflect their interests and priorities, thereby avoiding an excessively systematic presentation that might stifle interest. While the ...

This book explores unemployment from a monetary macroeconomics perspective, identifying the pathology at the origin of unemployment and the principles of reform that will enable a passage from capitalism to post‑capitalism.Bernard Schmitt explores the problem of involuntary unemployment by developing his quantum monetary macroeconomic analysis, demonstrating that the presence of fixed capital increases both physical productivity and the production of economic value. Money is at the...

This book reviews the basic ideas of the Law of Large Numbers with its consequences to the deterministic world and the issue of ergodicity. Applications of Large Deviations and their outcomes to Physics are surveyed. The book covers topics encompassing ergodicity and its breaking and the modern applications of Large deviations to equilibrium and non-equilibrium statistical physics, disordered and chaotic systems, and turbulence.

Contrary to common belief, macroeconomics is not merely a theory of aggregates, and cannot be constructed from individual behaviour. Both nationally and internationally, there are economic laws that are logically independent of economic agents’ behaviour. These are the macroeconomic foundations of macroeconomics.Presenting cutting-edge material, Alvaro Cencini explores these foundations, and shows that the introduction of money entails economics being interpreted conceptually not m...

Banks of all sorts are troubled institutions. The cost of public bail-outs associated with the subprime crisis in the United States alone may be as high as US$5 trillion. What is the problem with banks? Why do they seem to be at the centre of economic and financial turmoil down through the ages? In this provocative and timely book, Rethel and Sinclair seek answers to these questions, arguing that banks suffer from perennial problems, and that developments in the financial markets and gover...

How should Europe cope with the negative and still unfolding economic consequences of the current economic crisis? And why does Europe seem to be more conservative than the USA in dealing with the crisis?Since the outbreak of the current international economic crisis in 2008, the USA and many of the European countries have been tormented by high levels of unemployment and low levels of inflation, interest rates close to zero and fiscal policies of austerity. As such, the modern eco...

This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thou...

The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the pres...