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General Equilibrium pp 70–75Cite as

Palgrave Macmillan

Circular Flow

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Abstract

The analysis of the social process of production and consumption must start from some notion of commodity circulation. Consideration of the simple cycle of agricultural production suggests that production is an essentially circular process, in the sense that the same goods appear both among the products and among the means of production. From this viewpoint, commodity (as well as money) circulation is a triviality, whose discovery cannot really be attributed to any particular economist.

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Authors
  1. Giorgio Gilibert
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Editor information

John Eatwell Murray Milgate Peter Newman

Copyright information

© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited

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Gilibert, G. (1989). Circular Flow. In: Eatwell, J., Milgate, M., Newman, P. (eds) General Equilibrium. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19802-3_6

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