ABSTRACT
An important general property characterizing any economy is the primacy of expenses. In a capitalist economy that property has been independently unravelled by Keynes in his Treatise on Money and by Kalecki. Entrepreneurs are not merely independent producers of a pure market economy producing without the help of other people. They produce openly, not to be recognized as individuals only but as profit-earners. In a pure market economy each individual may be said to maximize his own activity. By contrast, in a market economy with a wage relationship, another rationality prevails. The way commodities and assets are evaluated differs in a market and in a capitalist economy. The minting process in a capitalist economy is well documented. It may be useful to refer, among others, to what may be found in the Quarterly Bulletin of the Bank of England under the title "Money Creation in the modern economy".
