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Email skamesak@shudo-u.ac.jp

Wynne Godley

SFC

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SFC

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2000

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W.Godley and M.Lavoie2006p.1-2

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SFC

Marxian stock-flow-consistent Model

SFC

SFC

SFC

SFC

()

22

- 18 -

23

24

25

26

1

SFC M.Nikiforos and G.Zessa

2017E.Caverzasi and Antoine Godin2014C.H.Dos Santos2006

2

D.J.Bezemer2016 W.Godley and B.Zezza2006

W.Godley,et al2007

3

SFC /20112008

4

D. K. Foley1986

Marxian stock-flow-consistent

5

1.2(1)25 0.0073195

2010

- 19 -

6

p (pM)()

1b 1

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21

(

)

22

D.K.Foley1986

p.112

()2013

(102 )

(106 )

23

22

24

1989107

25

2017

2014

26

Marxian SFC Model

- 22 -

D.J.Bezemer2010Understanding financial crisis through accounting models

Accounting, Organizaitons and Society35

E.Caverzasi and Antoine Godin2015Post-Keynesian stock-flow-consistent modelling

SurveyCambridge Journal of EconomicsVol.39

C.H.Dos Santos2006Keynesian theorising during hard timesstock flow consistent

models as an unexploredfrontierof Keynesian macroeconomicsCambridge

Journal of EconomicsVol.30

Duncan K. Foley1986MoneyAccumulation and CrisisHarwood Academic Publishers GmbH/

1990

W.Godley and B.Zezza2006Debt and LendingA Cri de CouerPolicy NoteLevy

Economic Institute of Bard College

W.Godley,et al2007The U.S. EconomyIs there a Way out of the woods?Strategic

AnalysisLevy Economic Institute of Bard College

W.Godley and M.Lavoie2006Monetary EconomicsPalgrave Macmillan M.Nikiforos and G.Zessa2017stock-flow-consistent Macroeconomic ModelsA Survey

Working Paper No.891Levy Economic Institute of Bard College

Marx, KarlDas Kapital3volsDiez Verlarg 5

1968

2010()

1964

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39.421

0.289

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0.286

59.564

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180.441

1103.028

(1)

244.518

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242.742

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240.977

1.764

366.777

2.685

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942.036

208.829

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2

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364.110

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935.191

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3

1087.056

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362.346

2.652

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2.265

307.211

2.249

304.979

2.232

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908.873

236.529

1.731

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1.719

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1.706

197.825

1.448

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908.873

236.529

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777.888

202.441

1.482

200.970

1.471

199.510

1.460

169.315

1.239

783.582

236.529

234.810

233.104

197.825

943.097

()

236.529

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950.000

4

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169.315

950.000

807.180

813.088

10.840

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Research notes on the pending issues of Uno Theory, concerning Credit Theory

2

2

anticipation facilitate

fictitious capital formula finance capital

2

59

11 72

55

278

59 76

93

Newsletter 2 10 17reinforce

40

108 fusion

523

confusion119

magnitude

110 32 3 77 83

epistemological failure

lifeline

43 31

Formbestimmtheit

refutation110 29 32

circulativity109 76 78

understandable

59 79

110 20 22

labor theory of value

philosophical discourse

relevancystanding position

motive

welfare

exchangeabilityshared holistic human labor as species-being

peculiar notion 109 78

belief reason

124 2

296property 5

326

350 351

law of value proveeconomic law of motion

46

property52 53

person 11 5

190

195

person

alienation

109 13 14

specificity Law of master and servant

118 1

16 1 7 24 7

100 1306 1 property

1306

1306 1307prosperity

124 19

589history vision summing-up

yell Usurpator usurpation

17

533

100 1306 corporate capitalism

status quo analysis

21 2

192

192 19 3

143 144

144

three-step theory

alienationintention 2

20

114

115

turnover

ideology reversal

basis

3 1 7 21

100 977

depreciate

ex rights 3 24

a self acting automaton

S=c(1+i)n36 347

357Automat

360

fictitious capitalcomplete

114 1 1 1

143 21 24 25

15 23 8

159

164 equity finance

24 2

123

124 125

fictitious capital

126 115 7 2

323 2

Mobilisierung

109 28 18

224securitization

4

26

894

895

magnitude

76 3

84 85

88 89

ICT IoT AI

reason

93

13

14 magnitude

14

24 7 Fessel=fetter

59 44

19 3

29

2922

12721 1

122

122 closed system

pure capitalism

drain tray

middle range theory

122

59 86

2 122 13 1 21 31 50

60

1 21 31 50 60 Qt 1 4 6 7 8

1 t 1 0.7 0.4 0.15 0.12 VAL Qtt 1 2.8 2.4 1.05 0.96

wt 0.5 0.7 0.8 0.9 0.8 St Qtt wt 0.5 2.1 1.6 0.15 0.16

st St wt 1 4.2 3.2 0.3 0.32 st s* 0 3.2 2.2 0.7 0.7

(Lt) 1 4 6 3 1 TVA QttLt 1 11.2 14.4 3.15 0.96

VAL value added per labor c+v+m 1v+m closed economy

v+m 1 21 VAL 2.8 50 1.05

1 t

St st Lt TVA total value added 31

14.4 60 0.96

DCA dynamic comparative advantageQtt wt wt s*

VAL st

12

1 t

5 wt 1 0.5 Qtt wt 0.5 Qtt wt wt 1

21 0.7 2.1 4.260 0.8 0.16 0.32 DCA

0.7 DCA

open economy DCA 15

16

VAL

DCA double standardDCA dynamic competitive advantage

59 86

A B

48 comparative advantage

6 comparative advantage

competitive advantage7

3 315 4

R

109 8 1 4 13

2

99 679 W1 C1 V1 M1 W2 C2 V2 M2

W1 W2 C1 V1 M1 C2 V2 M2V1 M1 V2 M2 C2 C1

V1 V2 C2 C1 C1sunk cost V1 V2 C2

2 2 8

101 265 2661

2

realized profit rate

10 2 3

91

sunk cost

8

meritcontamination

56

15 16

16

causality teleology

praxis

17 9

248 2912

fiction

30 4230 243

109 11sample

epistemological cut

63

Basis

base point

Old Unoisthope

27374

maxim 35 86

262 9

pending issues

Newsletter

1 57 20

14

121 4 2 58

6

3 81 3

98

98 9999

4

94 117 177 82

12

77 3

78 3

14

4 541

5 80 3 3

3 5 3 7 50

106 1506distortion

3 2 10

103 305340

341 6 45

106 1321

1332

8

unsolved problem in common

1

market area

6 112 421

139normative

TFP total factor productivity

160 q7 competitive advantage

91 value chain

8 42

181

9 66 2

165

2

2 109 24 282 two-step theory

33 linkage 2 28 3

370

dual theory 2

110 132 2 3

536 39

2 Creditwesen Creditsystem Creditwesen Kredit Kreditsystem 37 88 89

Geschft=trade 126 133 monied credit

Bankkredit 136 140 152

monied capital

dual theory

Leihkapital Leihbares kapital

Geldkapital monied capital 3 38

6 monied capital

term

anticipate money for capital fund

monied creditidle fund loanable fund

capital funding fund capital fund 1

money handling credit handling 2 Creditwesen Creditsystem

2

non-bank financial institution 3

53 11972 73

deposit money bank 28

M1 M2 28 29 2

fictitious capital 3

109 28 3

33 5 money supply

22

33 5

263

Basis

2

primarysecondary

16 3 3 1A

242

242

Geldhandlungskapital

3 19

37 330 Kreditsystem=credit system

Kreditwesen=banking systemBasis

3 25

Grundlage 159

3

Grundlage Basis

160

non-bank financial institution

19 example bill broker 3 33

circuliren 21 drafts

Creditcapital39 55

55 74 11

266

272

275 1857

2752

3 30 in d. Reproduction beschftigt

document of deferred payment 38 433

25 Handelscredit

37174

177

16 3 3 C

264 115 7

297

16 245

115 298 18

214

85 480% 20%

115 307monied capital

accommodate backup

3 30 credit expansion contraction

monied credit

A

38 446 447 overlaying

83 1 5

146

146

149

149

111 1 3Sachgeld Zeichengeld

Kreditgeld 39 3

1 Sachkredit Zirkulationskredit

Zeitwechsel291 2

302

finality

1 capital fund monied capital74

money fund fund 2

48

wieinterest-bearing capital wie

warum wodurch 1 36 A

5

monied capital

70

begreifen general understandingwie warum wodurch holisticdialectic 1

wie 21 24

repaymentmonied capitalist return

193 Maximumlimit

Minimum rate

natural rate of interest

uniform

243 money market

loanable Capital

Minimum limit

monied capitalist

272 gross profit Rohprofit

Unternehmungsgewinn

generally 282

monied Capital Capital als solches

Capital =Capital par excellence18

monied Capital

Netprofit monied Capital

dirigieren wages of superintendence of labour labour of superintendence

329 330 G_W_G G_G

G_GG_W_G

334 335

wie

Qualitt Quantitt Ma degree 88

doctrine of being 95

504

407

417 1861 1863

433

433 434

438

27 27 28 doctrine of being

warum doctrine of essence

3 22

a natural rate of interest a natural rate of profit a natural rate of wages

36 233 26 27

59

lenders borrowers3% 4% 5%

gross profitgross profit 20% 50%

234 Abschnitt v. d. Conkurrenz235

2 debt finance equity finance

MM

debt financeequity finance

100%109 38

gross profit

50% 2 3 23

functionirender Capitalistmonied capitalist

Verleiher lender

36 273~274gross profit Rohprofit lender

Unternehmungsgewinn275

281 net business profit

discretion, choice

1861 1863

95 4443 23

monied capital

36 286

reimburse

comparative statics

positivebasis 1

109 10

product price place promotion4P 13

2 U

U riskchance 20

3

41 2

44

2risk chance symmetry

3

visualize

peak asymmetry

basis deviation

27

Minimum limit

34 3 13 2 3

wages of superintendencereward

agentnet business profit

compensation

27 generally 3 24

109 56

warumwarum 25 29

Basis

monied Capital

monied Capital

limit moneyed Capitalreal capital monied capital

monied Capital money as such

moneyed Capitalcirculation money

3 27

latent

37 299 300 warum

doctorine of essence 28 29

Circulation moneyed Capital

Circulation

Circulation

currency

Circulation Circulation CirculationCirculation

currency

currency

monetary accommodation Circulation

38 113

Circulation

Circulation

currency

A

A B B A B

A B B B C A

A

26134

write in case study37 41

Circulation A

B BA

currency

Circulation

Circulation

monetary accommodation

real

Capitalisieren

money market

2 3

1,400

money at call 4 warum Grund

Kredit Wesen Existenz Wirklichkeit=actuality 89

doctrine of essence

Grund

Circulation

money supply 22

basis Basis29

reason 59 60 2 1

working capital carrying cost risk-taking 2

accommodate deposit

yield curve 109 34

driving force59

71

49 5 Basis

facilitate

26

37 271

272

35 28 A

26

A

A 3 2 A

A

A A

A A

A A

3 388 28

61

Vorschu

vorschieen 20 92

94

A

context

2 2

109 19 2

M 1 c v x2 x2 c v

K KF KD KWworking capital

A KW 2

A 3 2

KD

KF KWx2 M 2

A 2A

2 facilitation

ex post mobilization ex ante

real capital

3 388

63

M x2 c v

x2 c v KF KD KW

63

metamorphoseA

so smart

G W P W G flow scheme6

491 m

C 157

160 162

163 2 318

167

171

2 3 18 2

102 560

561

primus motorworking capital

carrying cost

1 2 circulativity

7 3

wodurchwodurch 30 35

36 62 73

monied Capital monied Capital

imaginr bankers Capital

Vermittler moneylender

loanable Capital

money monied capital

moneyed Capitalmonied Capital

1847 3 1moneyed Capital

monied capital redundantmoneyed Capital 8

document of deferred payment

grossentheils

38 445 446 monied Credit

clash moneyed capital monied Capital

moneyed Form

loanable Capital moneyed credit

superabundance

monied capitalSto

real

convertibility

superabundanceinflation

inflation

1857

overstraincollapse

moneyed Capital

moneyed Capital superabundance monied capital

moneyed Capital

monied Capital

monied credit

Mittelmoneyed Capital

monied Capital

monied Capital loanable capital

loanable capital Circulation

moneyed Capital

Circulation

moneyed Capital money lenders

circulation moneyed Capital

moneyed Capital

realmoneyed capitalist

moneyed Capital

moneyed Capital moneyed Capitalmonied Capital

Massenhaftigkeitmonied Capital

monied Capital

moneyed Capital

moneyed Capital moneyed Capital

Overtrading Overproducing Overcreditingrebound

513 514

Organisation

monied Capital Titelmoneyed Capital money

claim upon money monied Capital d. commercielle loan

monied Capital money

claim monied Capital

real monied Capitalist

financierjobber money markets

moneyed Capital

moneyed Capital

inflate exaggeration

moneyed Capitalmonied Capital

monied Capital monied capital

monied Capital Capital berhaupt

monied Capital

convertibility

pressure

Convertibilitt

540 541

money market moneylenders lenders

loanable Capital

floating capital

pressure 33 34

4 3911 33

34 4

monied capital44

45 26 33

Issue of Circulation Loan of Capital

provisions d. workingmen

LebensmittelCirculation

pro parteCirculation

Surpluscapital

CirculationCirculation

circuliren 113 114

1844

1857 1844

12 3

1837 1825 1847 18571839

moneyed Capital

monied Capitalmoneyed Capital Credittransaction

moneyed Capital

moneyed Capital monetary reserve pivot

Capital par excellence

1857

doctrine of being doctrine of essencepresence

reflection credit cycle genesis of the notion

90 doctrine of the notion9

41monied Capital

20 monied capital anticipate

money for capital fund

moneyed Capital monied Capital

standby capital fund

real capitaloperating capital fund

credit expansion

credit contraction credit deficiency

circulationcash currency

34 Circulation

money supply

45

cash currency deposit currency

45 46 fictitious capital money

inflate

convertibility

49 monetary reserve

pivot convertibility

doctrine of the notion Begriff Realitt

die absolute Idee

opening

1 32

begreifenverstehen

106 2 75

4 4 60 40

100

3 34 3 3

642

717 4

H M C D H C R

M H m m

6 2 2

52 2

5 will end

impulse agent

6 115 86

48 33

451452

49 147

unverschmt 115 342

108113

1971

10861

116

3 5 1 45 92

5 34

104 764

92 28basis 5

Credit. Fictives Capital Creditgeschichte

28

41 30 35

doctrine of the notion of credit cycle25 29 doctrine of essence of credit

6 1 wie

warum wodurch

110 92 7 34 3 1

W G G W 427

idling time

6 3

timely working capital fund

availability scheme

110 129 anticipation facilitate

8 64

35 2 1847 47

49 1825 1847 1857

2 1

117

119 1847 4 10

inertia 9 credit cycle 50 4

18

109 74 76

idea

102 829 108 4 11750M 1900M

2

16 1 1 2 2

17 1

101 521 x 1,000

x 1,000

526 527 2

545

ex post

108 4 23 20 11

102 750 751

108 5465 3

71 12 79

108 54 3 8 D R

D R D R

D R 65 229

10854 55

1 7 23

100 1067

108 55 2

40

1091 7 22

3

100 1015

1021

2 3 205

102 671

671

673

673

facilitate

2

201541 2 3 Anticipirt

63 2

3 2 3 8

avances40 113

122 1

149 10

205 advance ex ante ex post

anticipation 4

real

dead weight

Papiercher

220 2

5

2 3 203 v m c v m

c102 641 v m c

2 h 109 63

h q m s

c s c 1 K1K2 h K1 K2

Wpi CiVi Mi w 1 Ni

62

Wp1 C1 V1 M1 C1 wN1 1 mWp2 C2 V2 M2 C2 wN2 1 m

q sm 1 cm

Ki Ni Zi DiKi Ni Ki Zi Ki Di KiKi Ci Zi Di

Ii Ki Ii Ki Di v m c V1 M1 C2

wN1 1 m C2 wN1 1 m w K1 1 m C2 K2w K1 1 m K2 K1 K2 h w

q h q 1 m hs 0 c 1 M1 M2

anticipated K1 t+1 K2 t+1 Ki t Ki Ii Di

g1 t K1 t K1 t g2 t K2 t K2 t

g swm g s 1wm

63 Vi Mi Ni

w Ni 1 m Vi Mi Ni Vi Mi w 1 m 11 wm

Ci Zi Di flow Ki stock Ni Ki

s 20% wm 30% 40% g 2.4Wpi 2.4 n g 2.4

2.4% Di t Ri t+1

Ki t+1 2.4Di t 1 Ri t+1

2.4 Ki t 1 2.4% Ii t 1

D R

K1 t+1 K2 t+1

K1 t+1 K2 t+1

K1 t K1 t K2 t K2 t

1 g1 t K1 t 1 g2 t K2 t

K1 t I1 t D1 t K2 t I2 t D2 t

g1 t 1 g2 t 1

4 71 76r1 r2

r r1 r2 r71

g1 g2 g g2 g g1 72

6

extreme point

DF driving force

facilitate7

32 basis deviation

29

55 2 3 20

11

K1h h h h

368

K2h h

h h 69

2 840 173 174

1 123 17

1259

171

9 2 49 39 279

22

3 40 23 5 2 8 8 MEGA

4 34 Circulation

2 8

anticipation

40 264 M s g

K K 5 3 5 1 4

5 925

296

295 1865

2 8 1880 811 1867

3 5 2 82

29

30

6 13171

7 DF 11 2 3

109 59

3636 Vorbrgerliches

17 3 1 39 475

Capitalist in posse

12 14

Public Credit 1609 1619

18

17 3 1 18

Privatcapitalist Privatwucherer

Vehikel Centralisation

494

akiv

Capital par excellence

occult

interest-bearing capitalcapital form historical formation

1

28 1861 1863rent-bearing capital profit-bearing capital

historical formation1 7 24

3 4 205 36 6 47

3 4

3436 fictitious capital

46 jobber

historical formation of capital formloan capital

28 G_W_GG_G

G_W_Gcapital formula

diversity of capital form G_G simplicity of capital formula

1 2 41

98250

250G W G

G G G W G265

1861 18631

rent-bearing capital 2

16 3 2 3 C

228

228 229

229

portfolio selection

WL

G W P W Grent

WL WL

G g G

47

64

WRWL asset value

3 6 37

105 10863

5 453

1

2 c v m m

comment

source

1 sunk cost

2 3

4 reason q

g h gK K

q K utilities

14 15

6 18

44 1

21 2

hint

2working capital

109 20 2 2 8

101 260

A.10 11

260 261

working capital

fictitiousreal

1968 3

improving landlordretained profit mortgage

bond mercantile credit 19

Incorporation of firms54

83 2

7

243 243

1173 2

p i 0.1 P 43 p iP 0.1

p p

PP p 44 45

1 i p

2 i

59 35

2

109 68

16 3 3A

290

289

portfolio selection

3

debt finance equity finance

109 55capital gain

56

56 basis teleological

16 3 3 1 B

3 A2

facilitate request

120 3 2 3

238

3016 3 3 3

B293

293

WA

G W P W Gcapital stock dividend

WA WA investment capital gain

G g G

6 3primary formula secondary formula

tertiary formulacorrespondence 110 128 134

capital form WF WFfictitious capital formula WL WL

WR WR WA WA WF WFcapital form historical formation

capital formula categorial determination4

real asset real capitalfictitious capital

complete

G W G G G G W P W G

capital fund

fictitious capital combined capital form securitization

fictitious capital FC FC

capital fund CF CF

portofolio selection

circularity volatility expected rate of return

FC FC FCFC FC

derivative financial instruments

G W P W G G G W WW W real capital real metamorphose

formal metamorphose

endless circulation

WF WFG G circularity quaternary formula

49

144vs. vs.

83 1 5

146

150

157

160 161

163 5 50 moneyed Capital monied Capital

standby capital fundoperating capital fund

ex post

165 166 risk-taking

167

168

circulation credit capital credit commercial credit bank credit

A

170 B

170 25

A A B

159

169

B

176 risk-taking

179 74

A B C D

B

ex post

C

3 30

38 438 439 32real

d. Reproduktiven

507 6

25 1113 1 Sachkredit Zirkulationskredit

281 ex post

ex ante

CA

D

universal bank

83183 184

84 3 11

20

23

24

26

28

36

44

46

3

14 Finanzkapital=finance capital

107

108

110

111

111 112

112

114

114

monopoly capital

G W P W Gmonopoly capital capital stock dividend

WA WA share capital investment capital gain G g G

bank capital

combined capital form 72

finance capital 7

big business excessive competition

combinationcartel

conglomerate trust8

synergy

M&A merger and acquisition

19 B

88

89

90 25

3 12

typology3

3 1 2 C

182

9 67

95

prototype other types

17

1

15 131933

Regulation Q 1

1

253

social common capital 5

47 fiduciary

damage of social cost2 1

61 262

61 51quaternary formula

87

1253 34 3 2

610 615

4 310

194 2 4

122

5

4 2 72 5

6 credit transaction

34 3 3 624 627 A C

7

4 4 728 69 2 7

67 8 107 14

9

70 751 5

60 73 23

400reality

default

407 aspect

1 84 4 20163

2 1971 3 1988 4

1977 5 19566 2010 7 19628 20099 199810 2018 11 2011 12 1973 13 1985 14 2010 15 2015 16 1952 17 1958 18 1959 19 1962 20 1965 21 196622 UP 1967 23 1969 24 1969 25 1971 26 1973 27 2008 28 1968 29 1976 30 1971 31

Newsletter 2 21 2017 8 32 2014 33 1978 34 3 1982 35 1978 36 1 2016

37 2 2016 38 3

2016 39 4

201640 201841 2015

53 1 2016 442 1987

43 Newsletter 2 21 2017 8

44 2009 45 5 Newsletter

2 25 2019 3 46 2018 47 1847 2013 48 1978 49 1999 50 1979 51 1971 52 2014 53 198854 4 201155 1968 56

201057

197758 197359

Newsletter 2 20 2017 5 60 1965 61 1

50 2 2015 11 62 2

50 3 2016 3 63 NHK 1972 64 197365 1968

66 198567 9 2003 3 68 1990 69 2015 70 1963 71 1975 72 1981 73 2011 74 1941 75 1978 76 1997 77 1971 78 1971 79 1976 80 1983 81 1969 82 1971 83 1982 84 1982 85 2012 86 1983 87 2 2002 88 2012 89 2013 90 2013 91

1985 92 3 5 1 4

5 36 2018 5

93 1956

94 1993 95 1982 96 2 1

1982 97 1 1982 98 2 1983 99 3 1983 100 4 1983

101 6 1985 102 7 1985 103 9 1987 104 10 1987 105 12 1989 106 13 1989 107 3 2017 108 mimeograph 1977 3 109 3

Newsletter 2 10 2013 6 110

Newsletter 2 17 2016 3111 1980 112 2018 113 1968 114 1970 115 3 1974 116 1988 117 1994 118 1988119 1983 120 1985 121 1985 122

Newsletter 2 24 20185

123 1952 124 2010