How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit

Abstract

The modern monetary circuit theory has, from its very beginnings, been presented as a heterodox macroeconomic theory, an alternative to the orthodoxy of neoclassical macroeconomics 1. To be sure, the elements distinguishing the two theories are numerous and deep, but probably the essential ingredients that many circuitists should

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