5. The Theory of Monetary and Real Emissions

The teachings of the great economists of the past have a direct influence on the recent theory of monetary emissions, which draws from the theoretical developments of the classics, the neoclassics, and Keynes. It is also a theory with its own internal consistency, reason for which it stands as a new theoretical tool through which economic phenomena can be observed. This chapter deals with the study of national economics through new lenses. Issued as a nominal means of payment, money acquires a positive purchasing power through production and is thus transformed into real money. Consumption, on the other hand, implies the expenditure of a purchasing power, which is thus destroyed to the extent that its expenditure covers the costs of purchased output. New light is shed on the payment of wages and the formation of profit.