ABSTRACT
Money being of a banking kind, money outflows “come out” of banks and inflows “enter” banks. Macroeconomics will only achieve its originality by breaking off completely with the study of agents’ behaviour. The purpose of political economy is to reform the mode of production. Macroeconomics describes a hierarchical economy. Financial intermediaries have a hierarchically higher position in macroeconomic analysis. The banking financial intermediary receives the initial lender’s money and transmits it to the final borrower. The economy would be in crisis when firms are not able to face all the repayment constraints that they would have contracted to banks. The circuit of money is distinct from the circuits known to physics, because even an electric circuit, for instance, “consumes” time.
