Clark-Walrasian 순환모델 비판 : Austrain 학파의 재조명 = The Critique of Clark·Walrasian Circular Model: The Reappraisal Austrian

다국어 초록 (Multilingual Abstract)

The Clark·Walrasian Model, as reflected in circular flow diagram, forms the foundation of Keynesian, as well as Monetarist. This treatise began with a critique of Keynesian macroanalysis. In Keynes the structure of production, defined as distribution of capital among industries, is assumes to be given. So the production process stands in no relation with time. The only factor which determines the change in the production activities, is the labor. In keynes the labor unit, as a matter of definition, measures the level of employment, which is direct propotional to the changes in the demand for final output. The determination of absolute magnitude of aggregate demand is then the major issue in Keynesian macroeconomics. The supply side is implicity ignored. Monetarists are not in disagreement with Keynesian, so far they are demand oriented and tend to ignore the supply effect. In Walrasian framework Money's effect can only be neutral, i.d. money is given no role in determining the relative prices. Therefore, both approaches are not appropriate to analysis the resource allocation, so the inflationary process properly.
The Austrian contributions are two-fold, first, it takes the factor capital into the production process : second, the non neutrality of money. Therefore, in short, the capital intensity determines the length of production process and the money plays a role in the pricing process. As the production is disaggregated in-to the different stages, the money permeates through the system. The price signals so generated induce the production of appropriate combinations of capital goods. The emphasis placed on these price signals are distinguishing feature of Austrian. The Austrian approach to money effects are therefore better appropriate not only to analyse the proper inflationary process, but also its dynamic nature, for the analysis of growth and business cycle process.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. Clark-Walras의 순환모델
• 1. Keynesian의 거시모델
• 2. Monetarist의 거시모델
• Ⅲ. Austrian의 화폐순환도
• 1. 우회생산(roundaboutness of production)
• 2. 총공급과 총수요의 균형
• 3. 화폐효과
• Ⅳ. 요약 및 결론