Titlebook: Economic Theory in the 21st Century; Towards a Renewed Un Dirk Kaiser Book 2020 The Editor(s) (if applicable) and The Author(s), under excl

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,Die Beurteilung der Rentabilität,The external monetary calculus described in the preceding chapter is used to determine the optimum holding of money by contrasting its expected benefits and costs.

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Origins and Significance of a Famous DebateAre the components of private wealth to be considered as substitutes or may some of them in two exhibit complementary behavior instead? This decades-old discussion, which points at unresolved problems in economic theory of fundamental importance, is depicted and related to current problems of monetary policy.

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Outer Financial ContractsThe set of exchange contracts undersigned in the model economy is enlarged by outer financial contracts. They differ from the inner financial contracts known from the preceding chapter in particular by their extended maturity and may serve as money for the entire system taken into consideration.

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Appendix to Part IITable 10.1 provides the reader with a survey of the budget equations of the various sectors at the different points in time.

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Inner Exchange Contracts comprises three explicit sectors (business sector, household sector and state sector) and is engaged in three basic economic activities (production, exchange and consumption). Three basic time patterns are possible for exchange contracts (spot contracts, financial contracts and forward contracts; i