{"id":749,"date":"2018-04-27T09:18:08","date_gmt":"2018-04-27T08:18:08","guid":{"rendered":"https:\/\/blog.anep-economics.org\/?p=749"},"modified":"2019-01-29T13:25:02","modified_gmt":"2019-01-29T12:25:02","slug":"seminar-at-bi-norwegian-business-school-2017-second-video-now-online","status":"publish","type":"post","link":"https:\/\/blog.anep-economics.org\/?p=749&lang=en","title":{"rendered":"Seminar at BI Norwegian Business School 2017: Second Video now Online"},"content":{"rendered":"

Watch it by clicking on the image:<\/p>\n

\"\"<\/a><\/p>\n

Nicolas clarifies the historically specific legal<\/em> nature of assets & liabilities, using legal anthropology<\/a> to distinguish reciprocity based mutual obligations of exchanging favours and gifts within a „Gemeinschaft“ (as described in Marcel Mauss‘ 1925 classic „The Gift<\/a>“ or in Marshall Sahlins 1972 classic essay „On the Sociology of Primitive Exchange<\/a>“ – for a short intro see here<\/a>) from money-denominated, state enforceable legal obligations („financial assets“) within a roman law-based civil society („B\u00fcrgerliche Gesellschaft“).<\/p>\n

He then introduces a foundational concepts of double entry bookkeeping:\u00a0 the balancing items net worth (equity)<\/em> – this is what Luca Pacioli<\/a> originally termed „il cavedale“, i.e., capital<\/em>\u00a0 and probably the origin of the term „capital“ – and net financial assets<\/em>.\u00a0\u00a0 The concept of net<\/em> financial assets (a balancing item which, for a nation as a whole, is usually called international investment position) forms the core concept of St\u00fctzel’s mechanics of balances based ex ante theory of business cycles.\u00a0 It is the core concept allowing for a coherent integration of the real and monetary spheres in macro models.<\/p>\n

Nicolas then develops this up to sectoral accounting for a closed economy (which is standard in National Accounting and also used in Modern Monetary Theory and Stock Flow Consistent Modelling), clarifying that capitalism is a zero sum game on the level of net financial assets<\/em> – but not<\/em><\/strong> on the level of net worth (profits&losses)<\/em>.\u00a0\u00a0 For example, it is impossible that all<\/em> nations achieve positive (or negative) balances of trade\/on current account within the same period – one nations surplus on current account will equal the rest of the world’s current account deficit by accounting identity.\u00a0 But it IS<\/strong> possible that all nations increase (or decrease) their net worth within the same period.<\/p>\n

The next two videos – Presentations by Thomas Weiss and Prof. Johannes Schmidt – will present an introduction to St\u00fctzel’s theory of business cycles.\u00a0 Stay tuned, these will be published soon.<\/p>\n

For a summary of contents of video and the complete seminar, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Watch it by clicking on the image: Nicolas clarifies the historically specific legal nature of assets & liabilities, using legal anthropology to distinguish reciprocity based mutual obligations of exchanging favours and gifts within a „Gemeinschaft“ (as described in Marcel Mauss‘ 1925 classic „The Gift“ or in Marshall Sahlins 1972 classic essay „On the Sociology of… Seminar at BI Norwegian Business School 2017: Second Video now Online<\/span> weiterlesen<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-749","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/posts\/749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=749"}],"version-history":[{"count":9,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/posts\/749\/revisions"}],"predecessor-version":[{"id":1292,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/posts\/749\/revisions\/1292"}],"wp:attachment":[{"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}