Titlebook: New Paradigm in Macroeconomics; Solving the Riddle o Richard A. Werner Book 2005 Palgrave Macmillan, a division of Macmillan Publishers Lim

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Explaining the Velocity Decline velocity is simply due to the fact that the equation of exchange has been erroneously defined. Researchers assumed that. can be proxied reasonably accurately by. However, this is true if and only if. that is, all transactions for which money is used are part of and accurately measured by nominal GD

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The Determinants of GrowthHe argued that wealth depends on goods and their trade ‘and Trade depends on Money’. ‘But only banker-created money ensures a sufficiently active supply’ (Davies, 1994, p. 553, paraphrasing Law). ‘By this Money the People may be employed, the Country improved, Manufacture advanced, Trade Domestic an

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l equations. Based on the theory of continuous Markov vector process, differential forms of conditional probability density functions given observations during a finite time interval are presented by making use of the Kolmogorov differential operators and innovations process. Differential forms of c

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cterized by the time independence of the external quantities such as fields and boundary conditions, which ensures the time independence of the corresponding physical averages. The task is first reformulated in terms of functionals of the solution of the adjoint equation. Then the functionals are di

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