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Circular Flow

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The New Palgrave Dictionary of Economics

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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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  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    Giorgio Gilibert

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  1. Giorgio Gilibert
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Gilibert, G. (2018). Circular Flow. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_477

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