Dirk Ehnts — Reading Mensik’s “The Origins of the Income Theory of Money”

Important. Putting money flow back in economics. Again, resurrecting what had been forgotten.

Josef Mensik: "Instead of imagining a gross exchange of the whole bundles of goods supplied and demanded by the market participants under current prices, the picture is rather that of a flow of monetary streams passing through various markets in the opposite direction to the flows of goods. While the ultimate result of the exchange might be the same, the income theory of money is always interested in how it was achieved monetarily, what the actual monetary flows that facilitated the trade were...."

econoblog 101
Reading Mensik’s “The Origins of the Income Theory of Money”
Dirk Ehnts | Berlin School for Economics and 101