{"id":777,"date":"2018-05-13T13:36:55","date_gmt":"2018-05-13T12:36:55","guid":{"rendered":"https:\/\/blog.anep-economics.org\/?p=777"},"modified":"2018-05-31T11:11:02","modified_gmt":"2018-05-31T10:11:02","slug":"stuetzels-general-theory-of-business-cycles-part-ii-johannes-schmidts-presentation-now-online","status":"publish","type":"post","link":"https:\/\/blog.anep-economics.org\/?p=777&lang=en","title":{"rendered":"Seminar at BI Norwegian Business School 2017: Video 4, „St\u00fctzels General Theory of Business Cycles Part II“ by Prof. Johannes Schmidt now online"},"content":{"rendered":"

The fourth presentation at our seminar at BI Norwegian Business School is online:\u00a0 Johannes Schmidt presents, for the first time in english, Part II of St\u00fctzel’s theory of business cycles.<\/p>\n

St\u00fctzel’s simple general approach solves a number of recurring controversies in monetary economics – especially that of a coherent integration of the „real“ and „monetary“ or „nominal“ spheres – and provides a general theory within which existing business cycle theories – both „monetary“ and „nonmonetary“ – can be integrated as special cases.<\/p>\n

It is based on nothing more than standard business and national double entry accounting categories – plus one original concept („Lockstep“ of inflows\/outflows of net financial assets and\/or means of payment), which is the core concept of Schmidt’s talk.
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With the lockstep concept, St\u00fctzel demonstrates in a simple way why in models that implicitly presuppose lockstep – such as the Walrasian general equilibrium model or today’s „real business cycle“ models – money<\/em> naturally cannot „matter“ (Hahn’s Problem<\/a>), whereas in Keynesian and post keynesian monetary production models, this is partially remedied as explicitly intended by Keynes<\/a>, but still lacks the necessary precision and clarity.\u00a0 This precision, however, can be taken simply from empirical (business and national) accounting practice:\u00a0 the distinction between means of payment and net financial assets.\u00a0\u00a0 St\u00fctzel imported this precision into ex ante macro theory as the „bipartite division of the theory of money“, added the lockstep concept and showed (already in 1953) that existing theories can be seen as describing special cases within that general framework.\u00a0 Johannes Schmidt applies this to today’s<\/em> macroeconomic theories of business cycles.
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View Schmidt\u2019s Presentation here (the 3 previous presentations introduce the standard legal & accounting concepts and the first part of St\u00fctzel\u2019s Theory needed to understand Schmidt\u2019s talk):<\/p>\n

\"\"<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The fourth presentation at our seminar at BI Norwegian Business School is online:\u00a0 Johannes Schmidt presents, for the first time in english, Part II of St\u00fctzel’s theory of business cycles. St\u00fctzel’s simple general approach solves a number of recurring controversies in monetary economics – especially that of a coherent integration of the „real“ and „monetary“… Seminar at BI Norwegian Business School 2017: Video 4, „St\u00fctzels General Theory of Business Cycles Part II“ by Prof. Johannes Schmidt 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-777","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\/777","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=777"}],"version-history":[{"count":9,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/posts\/777\/revisions"}],"predecessor-version":[{"id":780,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=\/wp\/v2\/posts\/777\/revisions\/780"}],"wp:attachment":[{"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.anep-economics.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}