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Ist Geld wirklich ein Produktionsfaktor?
Credit and Capital Markets – Kredit und Kapital, Vol. 21 (1988), Iss. 2 : pp. 182–196
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Dr. Klaus Schöler, Universität GS Siegen, FB 5, Postfach 10 1240, D-5900 Siegen
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Zu den Kausalitätsbeziehungen zwischen Geldmenge, Sozialprodukt und Preisniveau
Schöler, Klaus
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 109 (1989), Iss. 2 P.287
https://doi.org/10.3790/schm.109.2.287 [Citations: 0]
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Abstract
Money: Is it a Real Production Factor?
This contribution analyzes the microeconomic bases for including real balances in overall production functions. It turns out to be the case that real balances are not production factors in themselves, but a special product generated by financial transactions. For this reason, real balances can neither be substituted for production factors nor is there any physical relationship between them and output. If real balance, when included as production factors in overall economic production functions, which is often done in economic writing, are empirically tested, a number of fairly complex interrelations between money supply and output are analyzed rather than their productive contribution. This empirical analysis of the interrelations between output and real money supply as well as labour and capital input at a macroeconomic level corroborates this analytical result. It has not been possible to prove the formula expressing the impact direction m > yr. This result obtained on the basis of the Hsiao procedure is compatible with theoretical model theories at the microeconomic level.