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Research notes on the pending issues of Uno Theory, concerning Credit Theory

Ⅰ Ⅰ

2 Ⅰ

Ⅰ Ⅰ ③ Ⅰ

Ⅰ Ⅰ

Ⅰ Π2

≧ ÷

anticipation facilitate

fictitious capital formulaⅠ Ⅰ finance capital

2

Ⅲ Ⅹ

59

11 72

Ⅰ Ⅰ

55 Ⅰ

Ⅰ

278 Ⅰ

59 76

93 ÷

Newsletter 2 10 17reinforce

40

β 108 fusion

Ⅰ

‐

⑴ ⑴

523

confusion119

magnitude

110 32 3 ÷

77 83

epistemological failure

lifeline

43 Ⅲ

31Formbestimmtheit

⑴ refutation110 29 32

circulativity109 76 78

understandable

59 79

110 20 22

labor theory of value

philosophical discourseⅠ

relevancystanding position

motive

welfare Ⅰ

exchangeabilityshared holistic human labor as species-being

peculiar notionⅢ 109 78

beliefⅢ reason

124 2

Ⅲ 296property 5

326 Ⅲ

③

Ⅰ

350 351

law of value proveeconomic law of motion

46÷

Ⅲ property52 53

person ×

11 5

Ⅰ

190

Ⅰ

Ⅰ 195

person Ⅰ

Ⅰ alienation

109 13Ⅲ 14

specificity Ⅲ Ⅰ Ⅰ Law of master and servant Ⅰ

118 1 Ⅰ Ⅰ

Ⅰ

16 1 7 24 7

100 1306 1 property

Ⅰ Ⅲ

Ⓑ 1306

1306 1307prosperity

Ⅰ 124 19

589history vision summing-up

yell Usurpator usurpation

17

⑴

533

Ⅲ

100 1306 corporate capitalism

status quo analysis

21 2

⑴

192

192 19 3

143 144

144

three-step theory

alienationintention 2

20

114

115

turnover

ideology reversal

basis

Ⅰ

3 1 7 21

Ⅰ

100 977

depreciate

ex rights 3 24

≧ Ⅰ α ‐

a self acting automaton

S=c(1+i)n

36 347 ≧

357Automat

α

α

360

’ fictitious capitalcomplete

Ⅰ 114 1 Ⅰ

1 1 Ⅰ

β 143 21 24 25

Ⅰ

15 23 8

Ⅰ

159

164 equity finance

24 Ⅰ

2

③

123Ⅰ

Ⅰ

124 125

fictitious capital

126 Ⅰ 115 7 2

323 Π2

Ⅰ

Ⅰ Mobilisierung

109 28 18

224securitization

Ⅰ

4

26

894

895

magnitude

― ― 76 3

84 85

88 89

Ⅰ Ⅰ Ⅰ

‶ ICT IoT AI Ⅰ

…

Ⅲ reason

93

…

13 β

14 magnitude

14

24 7 … Fessel=fetter

59 44

19 3

⑴

29

⑴ Ⅰ

2922

Ⅲ

12721 1

122

122⑨ closed system

pure capitalism

drain tray

middle range theory

122

59 86

2 ⑨

122 13 1 21 31 5060

1 21 31 50 60 Qt 1 4 6 7 8

1 λt 1 0.7 0.4 0.15 0.12 VAL Qtλt 1 2.8 2.4 1.05 0.96

wt 0.5 0.7 0.8 0.9 0.8 St Qtλt wt 0.5 2.1 1.6 0.15 0.16

st St wt 1 4.2 3.2 0.3 0.32 st s* 0 3.2 2.2 0.7 0.7

Ⅰ(Lt) 1 4 6 3 1 TVA QtλtLt 1 11.2 14.4 3.15 0.96

VAL value added per labor c+v+m 1v+m ⑨ closed economy

v+m 1 21 VAL 2.8 50 1.05

1 λt

St st

Ⅰ Lt TVA total value added 31

14.4 60 0.96

DCA dynamic comparative advantageQtλt wt wt s*

VAL st

12 ⑴

1 λt

5 wt 1 0.5 Qtλt wt 0.5 Qtλt wt wt 1

21 0.7 2.1 4.260 0.8 0.16 0.32 DCA

0.7 DCA

open economy DCAⅠ 15

Ⅰ

Ⅰ

16 ⑨

VALⅠ

DCA double standardDCA dynamic competitive advantage

59 86

A B ≧

48 comparative advantage

→ 6 comparative advantage ⑨

competitive advantage7

3 315 4 Ⅰ

R

109 8 1 4 13

2 β

Ⅰ ⑴ Ⅰ

⑴

Ⅰ Ⅰ

Ⅰ

⑴ 99 679 W1 C1 V1 M1 W2 C2 V2 M2

W1 W2 C1 V1 M1 C2 V2 M2

V1 M1 V2 M2 C2 C1 ⑴

V1 V2 C2 C1 C1

sunk cost V1 V2 C2

2 2 8

Ⅰ

Ⅰ

‶

101 265 266Π1 ÷

Π2 ≧ ÷

Ⅰ

⑵

realized profit rateⅠ

10 2 3

91

sunk cost

8

meritcontamination

56

15 16

16

causality teleology

praxis

17 9Ⅴ

248 2912

⑧

fiction

30 4230 243

109 11sample

epistemological cut

63

Basis

base point

Old Unoisthope

27374

maxim 35 86

β

⑧

262 9 Ⅰ Ⅱ

β pending issues Ⅰ

Ⅰ

⑴

Newsletter

1 57 20

14

Ⅱ④ Ⅱ④ Ⅱ

121 4 2 58

6

Ⅰ 3 Ⅱ Ⅱ 81 3

98

98 9999

Ⅱ Ⅲ 4

94 117 177 Ⅱ

Ⅱ 821

2 Ⅱ ―

― 77 3 Ⅱ

― 78 3Ⅱ

Ⅰ 14

4 541 Ⅰ

5 80 3 3

3 5 3 7 50

106 1506distortion

3 2 10⑴

103 305340

341 6 45

106 1321

β 1332

8

unsolved problem in common

Ⅳ 1

market area

6 112 421

139normative

TFP total factor productivity

160 q7 competitive advantage Ⅹ

91⑨ value chain

β

8 42

181

9 66 2

165

2

Π2 Ⅰ 109 24 282 two-step theory Ⅰ ③

33 Ⅰ linkage 2 28 3

③ Ⅰ

③ Ⅰ

③

Ⅰ

370 Ⅰ ③ Ⅰ ③ ③

dual theory 2

110 132 Ⅰ 2 3

536 39

2 Ⅰ Ⅰ Creditwesen Ⅰ

Creditsystem Creditwesen Ⅰ KreditⅠ Kreditsystem 37 88 89

Ⅰ ③ Ⅰ

Ⅰ Ⅰ ③ Ⅰ

Ⅰ Geschаft=trade Ⅰ

Ⅰ Ⅰ 126 133 Ⅰ

Ⅰ Ⅰ monied credit ③ Ⅰ

Bankkredit 136 140 ③

Ⅰ 152 Ⅰ ③ monied capital③ ③ Ⅰ

Ⅰ dual theory Ⅰ Ⅰ

Ⅰ Ⅰ ③ Ⅰ

Ⅰ Ⅰ ⑧ Leihkapital Leihbares kapital

Geldkapital monied capital 3 Ⅰ 38

6 monied capital Ⅰ

Ⅰ

Ⅰ termⅠ Ⅰ ③

anticipate Ⅰ

money for capital fund ⑴ Ⅰ monied credit

idle fund loanable fundcapital funding fund Ⅰ

capital fund 1 Ⅰ ③ money handling

Ⅰ credit handling 2Ⅰ Creditwesen Ⅰ Creditsystem

2 ⑧ Ⅰ Ⅰ ⑧

③ ③

③ non-bank financial institution 3 Ⅰ

53 1

1972 73 ③ ③

③ deposit money bank÷ 28

③

÷

③ Ⅰ

M1 M2 28 29 Π2 ③

’ fictitious capital ⑴

③ ③ 3109 28

③ ③ ③ 3 Ⅰ

33 5 money supplyⅠ ③

22

Ⅰ ③ 33 5 ③ ③

Ⅰ

263③

③ Basis

Π2 ③

③ primarysecondary

16 3 3 1A Ⅰ Ⅰ

③ Ⅰ ③ Ⅰ

242③

③

③ 242

Ⅰ

Geldhandlungskapital③

3 19

37 330 Ⅰ Kreditsystem=credit system ③

Ⅰ Ⅰ ③ Kreditwesen=banking systemBasis

3 25

Ⅰ

Grundlage 159

Ⅰ

Ⅰ ③

③ ③

Ⅰ

Ⅰ

③ ③ ③

3

Ⅰ

Ⅰ

Grundlage Ⅰ

Ⅰ ③ Basis

160 Ⅰ

Ⅰ Ⅰ ③ non-bank financial institution

Ⅰ Ⅰ

19 example bill broker 3 33 ③

circuliren ③

21 drafts③ Ⅰ Creditcapital

39 55 ③

③ ③

55 74 11Ⅰ

Ⅰ

Ⅰ 266

③ ③

272 ③ ‶

275 1857③

③ 2752

Ⅰ Ⅰ Ⅰ

3 30 Ⅰ

in d. Reproduction beschаftigt Ⅰ Ⅰ

Ⅰ document of deferred payment 38 433

③ Ⅰ 25Ⅰ Handelscredit

③ Ⅰ

⊿ 37174 ③ Ⅰ ③ ③

Ⅰ ⊿ Ⅰ Ⅰ Ⅰ

③ 177 Ⅰ Ⅰ

Ⅰ

16 3 3 C

Ⅰ Ⅰ

264 Ⅰ 115 7

Ⅰ ⑧

297③

16 245 ③

115 298 18

Ⅰ 214Ⅰ

③ 85 480% ⊿ 20%

③ Ⅰ

Ⅰ

115 307monied capital

Ⅰ ③ accommodateⅠ backup

3 30 Ⅰ

credit expansion contraction Ⅰ

Ⅰ monied credit③

A

③ Ⅰ ③

③

38 446 447 Ⅰ Ⅰ

overlaying 83 1 Ⅰ

5 ③ Ⅰ Ⅰ

Ⅰ Ⅰ

146Ⅰ

146 Ⅰ Ⅰ

⑴

③ Ⅰ 149Ⅰ

Ⅰ

149Ⅰ ③ Ⅰ Ⅰ

111 1 3Sachgeld Zeichengeld Ⅰ

Kreditgeld Ⅰ Ⅰ ⑴

39 31 ③ Ⅰ Ⅰ

Sachkredit Ⅰ Zirkulationskredit ③

Ⅰ ③

③

Ⅰ ③

Ⅰ ⑴ Zeitwechsel291 2

③

⑴ ③

⑴ Ⅰ

302 Ⅰ Ⅰ

③ Ⅰ

finality ③ Ⅰ Ⅰ

Ⅰ

③ Ⅰ

1 capital fund monied capital74

money fund fund 2 ③

48

wieinterest-bearing capital wie

warum wodurch 1 36 A

5

Ⅰ monied capital β

Ⅰ

70 Ⅰ

begreifen general understandingwie warum wodurch holisticdialectic 1

wie 21 24 Ⅰ

repaymentmonied capitalist return

⑴

193 ⑴ Maximumlimit ⑴

Minimum rate

natural rate of interestⅢ

uniform

243 money market

loanable Capital

⑴

Minimum limit

monied capitalist

Ⅰ

Ⅰ

272 gross profit Rohprofit

Unternehmungsgewinn

Ⅲ

generally→ 282

monied Capital Capital als solches

Capital κατ′ έξοχήν=Capital par excellence18

Ⅲ

monied Capital

Ⅲ

⑴

Netprofit monied Capital

dirigieren ≧ wages of superintendence of labour Ⅰ labour of superintendence

⑵

329 330 G_W_G’ G_G’

G_G’G_W_G’

334 335

⑦

wie

Qualitаt Quantitаt Maß degree 88

doctrine of being 95

504

407

Ⅰ 417 1861 1863

433

433 434

Ⅰ

438

27 Ⅰ

27 28 Ⅲ doctrine of beingwarum

Ⅰ doctrine of essence 3 22

a natural rate of interest a natural rate of profit a natural rate of wages

36 233 26 27 Ⅰ

59

lenders borrowers3% 4% 5%

gross profitgross profit 20% 50%

Ⅲ

234 β Abschnitt v. d. Conkurrenz235

Π2 Ⅰ

debt finance equity financeMM

debt financeequity finance

100%109 38

gross profit

50% 2 3 23

functionirender Capitalistmonied capitalist

Verleiher lender

36 273~274gross profit Rohprofit lender

Unternehmungsgewinn275

281 ⑵ net business profit

discretion, choice

1861 1863

95 4443 23

monied capital

36 286

reimburse

comparative statics

positivebasis Π1

Ⅰ

⑴

109 10

product price place promotion4P 13

Π2

Ⅰ U⑴

Ⅰ U riskchance 20

Π3

41Ⅰ 2

44

Π2

risk chance symmetryΠ3

Ⅰ visualize

peak asymmetry

basisⅠ deviation

27

⑴ Minimum limit

34 3 13 2 3

wages of superintendencereward

agentnet business profit

compensation

27 Ⅰ

generally →

Π3 24 Ⅰ

⑵

109 56

warumwarum 25 29

Ⅰ Ⅰ ③

Basis Ⅰ

monied Capital③ ‶

③ monied Capital③

Ⅰ

⊿ ③ Ⅰ ③ ③ Ⅰ ③

Ⅰ ③

③ ③

Ⅰ

⑴ limit ⑴ moneyed Capitalreal capital monied capital

monied Capital money as such

moneyed Capitalcirculation money

Ⅰ Ⅰ Ⅰ

Ⅰ

‶

3 27

Ⅰ latentβ

Ⅰ β

37 299 300 warum

doctorine of essence 28 29’

Circulation ⑤

moneyed Capital⑤ Circulation

→ Circulation

currency

Circulation Circulation CirculationCirculation ③

currency

currency Ⅰ

Ⅰ

monetary accommodation Circulation

38 113③

③ Circulation ③ ③ ③ ③

③

③

③ Circulation

currency③

③ ③ A ③

A B ③ B ③

A ③ BA ③ B B B ③

C ③ A③

③ A

26134

write in case study37 41 β

③ ③ ③

③ ③

③ ③

Circulation ③ ③ ③ Ⅰ A

B BA ③

③ currency Ⅲ

③

Ⅰ

③

Circulation

Circulation ③

⑵ monetary accommodation

③ ③

×

real ③

’ ’ Capitalisieren

money market

⑴ ③ ’

③ ③

⑵ Ⅰ

Ⅰ 2 3’

③ ③ ③

⑴ 1,400 ③ ③

③

money at call 4 warum Grund

Ⅰ Kredit Wesen Existenz Wirklichkeit=actuality 89

Ⅰ doctrine of essence

Grund Ⅰ Ⅰ

Ⅰ

‶

⑤ Circulation→ ③ ③

③ ③ ’

’ Ⅰ money supply Ⅰ 22 Ⅰ

Ⅰ ③ Ⅰ

Ⅰ basis Basis29

Ⅲ reason 59 60 Π2 Π1 ÷

≧ ÷

working capital ⊿ Ⅰ carrying cost⊿ Ⅰ risk-taking Π2

accommodate ③

deposit ③ Ⅰ

Ⅰ

yield curve 109 34

driving force59

71

49 5 Basis Ⅰ

facilitate

26 ③

37 271 ③ Ⅰ

Ⅲ ③

Ⅰ

272 Ⅰ Ⅰ

‐

③

35 Ⅰ 28 ③ A

26

A ③ Ⅰ

‐

Ⅰ A ③

3 2 A ③

A ③

③

A ③ A③

A ③

A ③

A ③ A③

3 Ⅰ 388 28

61

Vorschuß

vorschießen 20 92 ③

③

94

③

③ A

context

③

β Π2 Ⅰ Π2

109 19 Π2

M 1 Ⅰ

c v x2 Ⅰ x2 c vK KF KD KW

working capital A ③

KW Π2

Ⅰ ③ A ③ 3 2

KD

Ⅰ

KF KW

x2 M Π2 A ③ Ⅰ Π2

A Ⅰ

‶

Π2 Ⅰ

Ⅰ facilitation

ex post mobilization③ ex ante

real capital‶

3 Ⅰ 388

63 ③

M x2 c v

x2 c v KF KD KW

③

63 ÷

≧ ÷

metamorphoseA ③

so smart

÷ G W P W’ G’ flow scheme6

Ⅰ 491 m

C ÷

157

β

160 ③

162 ③

③

163 2 318

167

③ Ⅰ

Ⅰ

171Ⅰ

2 3 18 2β

‶

⑴

102 560

561

primus motorworking capital

⊿ Ⅰ carrying cost

Π1 ÷

Ⅰ Ⅰ Π2

≧ ÷ circulativity7

Π3 ÷

Ⅰ

wodurchwodurch 30 35

36 62 73 β Ⅰ

monied Capital Ⅰ

monied Capital

→

Ⅰ

≧

① ≧

imaginär ③ banker’s Capital

Vermittler③ moneylender α Ⅰ

Ⅰ loanable Capital

money monied capital

moneyed Capitalmonied Capital

1847 3 1moneyed Capital

monied capital redundantmoneyed Capital 8 Ⅰ Ⅰ Ⅰ

document of deferred payment Ⅰ

Ⅰ

Ⅰ Ⅰ

Ⅰ ⑴

‶ Ⅰ

Ⅰ

Ⅰ ③ Ⅰ Ⅰ

Ⅰ ⑴ ⑴

Ⅰ ⑴

Ⅰ

Ⅰ Ⅰ

Ⅰ

Ⅰ

Ⅰ

grossentheils

Ⅰ

Ⅰ ⑴

⑴

38 445 446 Ⅰ Ⅰ monied Credit Ⅰ

clash moneyed capital monied Capital

Ⅰ Ⅰ

moneyed Form

Ⅰ ⑴

α loanable CapitalⅠ moneyed credit

⑴ superabundance

monied capitalStoß

real ‶

⑴

convertibilityⅠ

superabundanceinflation

Ⅰ inflation

1857⑷

⑨ Ⅰ overstraincollapse

⑴

’

Ⅰ

’ Ⅰ moneyed Capital①

moneyed Capital superabundance monied capital

moneyed Capital

monied Capital

Ⅰ Ⅰ monied creditⅠ

Ⅰ

Mittelmoneyed Capital

monied Capital ③

③

monied Capital Ⅰ

① loanable capital

③

loanable capital Circulation③ ③

moneyed Capital Ⅰ

⑤ ③ Circulation

Ⅰ Ⅲ moneyed Capital ③

money lenders Ⅰ

Ⅰ circulation moneyed Capital ③

moneyed Capital ②

real

moneyed capitalist Ⅰ

moneyed Capital

⑵

③

moneyed Capital moneyed Capitalmonied Capital

‶ Massenhaftigkeitmonied Capital

monied CapitalⅠ

moneyed Capital⑴

moneyed Capital Ⅰ

moneyed Capital⑴ ⊿

Overtrading Overproducing Ⅰ Overcreditingrebound

513 514 Ⅰ

Ⅰ OrganisationⅠ ⑨

monied Capital ’ Titelmoneyed Capital money

claim upon money monied CapitalⅠ d. commercielle loan

monied Capital money

⑶

claim monied Capital

real α monied Capitalist

Ⅰ ③ financierjobber money markets

⑴

moneyed Capital

moneyed Capital

inflate Ⅰ exaggeration

moneyed Capitalmonied Capital

monied Capital monied capital

monied Capital Capital überhaupt

monied Capital⑴

convertibility

Ⅰ Ⅰ

pressureⅠ ⑴

Ⅰ Convertibilität

③ Ⅰ

③ Ⅰ Ⅰ

540 541 Ⅰ Ⅰ

Ⅰ

money market moneylenders lenders

loanable Capital

Ⅰ ③

floating capital ③

③

③ ③

pressure ③ 33 34 Ⅰ Ⅹ

4 Ⅰ 3911 Ⅰ ③ 33

34 4÷

③ ③

Ⅰ

monied capital44

③ ③ ③

③ ③

③

45 26 33

Ⅰ Issue of Circulation Loan of Capital

provisions d. workingmen

Ⅰ

LebensmittelCirculation

pro parteCirculation

Surpluscapital③ Ⅰ

CirculationCirculation

circuliren 113 114 ③

1844 ③

1857 1844③ ⑴

③ ③ ③

③

③

⑤ ③

⑴ ③ 12 ⑤ 3 ③

1837 1825 1847 18571839

moneyed Capitalα ③

Ⅰ

monied Capitalmoneyed CapitalⅠ Credittransaction

Ⅰ moneyed CapitalⅠ Ⅰ Ⅰ ③

moneyed Capital monetary reserve⑴ ③ Ⅰ pivot ③

③ Ⅰ Ⅰ

α

③

③ Capital par excellenceⅠ Ⅰ α ③

α Ⅰ

⑴ ⑴

⑴

③ 1857Ⅹ

doctrine of being Ⅰ doctrine of essencepresence

reflection Ⅰ credit cycle Ⅰ

genesis of the notion90 Ⅰ doctrine of the notion

9

Ⅰ 41monied Capital

20 monied capital Ⅰ

③ anticipateⅠ money for capital fund ⑴

moneyed Capital monied Capital

Ⅰ ③

standby capital fund

real capitaloperating capital fund

Ⅰ credit expansion

Ⅰ credit contractionⅠ credit deficiency

Ⅰ

circulationcash currency ⑴

34 Circulation

→ money supply ③ ③

’ ’ Ⅰ

45 Ⅰ Ⅲ

③

cash currency deposit currencyⅠ Ⅰ

Ⅰ

Ⅰ

Ⅰ

45 46 Ⅰ

’ fictitious capital money

Ⅰ inflate

convertibilityⅠ

③ Ⅰ

49 Ⅰ ③

monetary reserve ⑴ ③ Ⅰ

pivot ③ convertibility ③

Ⅰ doctrine of the notion ③

Begriff Realitätdie absolute Idee

opening

1 32

begreifenverstehen

106 2 75

4 4 60 40

100

3 34 3 3

642

717 4 Ⅰ ③

’ ③ Ⅰ

H ⑴

M C D H C ③ RM H m m Ⅰ

Ⅰ

6 2 ③ 2 Ⅰ Ⅰ ’ Ⅲ

Ⅰ 52 2 Ⅰ ∑ ③ Ⅰ

Ⅰ Ⅰ Ⅰ ⑴

5 will end

impulse ③

⑴ agent 6 Ⅰ 115 8

648 Ⅰ 33

③

451452

49 147

unverschämt 115 342

β 108113

Ⅰ Ⅰ

1971 ×

10861

116

Ⅰ 3 5 1 45 Ⅰ ’ β 92

5 Ⅰ ’ 34 Ⅰ

Ⅰ

β Ⅰ

Ⅰ Ⅰ

β 104 764Ⅰ Ⅰ

92 28basis 5

Ⅰ ’ Credit. Fictives Capital Ⅰ

Creditgeschichte Ⅲ

28

41 Ⅰ Ⅰ

30 35 Ⅰ

Ⅰ ③

Ⅰ doctrine of the notion of credit cycle25 29 Ⅰ doctrine of essence of credit Ⅰ

6 1 wie

warum wodurchⅠ

110 92 Ⅰ 7 34 3 1

Ⅰ Ⅰ

⑴

Ⅰ Ⅰ

W’ G’ G WⅠ 427

Ⅰ

Ⅰ

Ⅰ idling time

6 3

timely ⊿

working capital fund Ⅰ

availability scheme

110 129 Ⅰ

anticipation facilitate

8 Ⅲ Ⓒ 6435 2 Ⅲ

1847 47 49 1825 1847 1857

2 1Ⅰ

Ⅰ

117

119 1847 4① 10 ③

inertia 9 Ⅰ credit cycle 50 4

18Ⅰ β

109 74 76

→ idea

102 829β 108 4 11750M 1900M

‐

2

16 1 1 2 2

17 1

101 521 x 1,000

‐ x 1,000

526 527 2

Ⅰ

545

ex post

β 108 4 23 20 11

Ⅰ

102 750 751Ⅰ

≧

Ⅰ

108 5465 3

α

α 71 12― ― 79

⑴

108 54 3 8 D R

Ⅰ

Ⅰ

Ⅰ

Ⅰ

D R D R Ⅰ

③

Ⅰ D R 65 229Ⅰ Ⅰ Ⅰ

10854 55

1 7 23Ⅰ

100 1067 Ⅰ

108 55 2 ÷

40

1091 7 22

3Ⅰ

100 1015 ÷

⑴

1021

2 3 205

102 671

671

‐

673

673

Ⅰ ③ facilitate

2

201541 2 3 Anticipirt

‐

63 2

3 2 3 8

avances40 113

122 … 1

‶

149 10 Ⅰ

‶

205 advance ex ante ex post

anticipationⅠ 4

‶ real

dead weightⅠ Ⅰ

Papiercher

220 Ⅰ 2

5

2 3 203 v m c v m

c102 641 v m c ‐

2 ÷

h 109 63 h q m’ s

c s c 1 K1

K2 h K1 K2 Wpi Ci

Vi Mi w 1 Ni 62

Wp1 C1 V1 M1 C1 wN1 1 m’Wp2 C2 V2 M2 C2 wN2 1 m’

q sm’ 1 cm’�

Ki Ni Zi Di

Ki Ni Ki Zi Ki Di Ki

Ki Ci Zi Di Ii Ki Ii Ki Di

‐ v m c V1 M1 C2

wN1 1 m’ C2 wN1 1 m’ w K1 1 m’ C2 K2

w K1 1 m’ K2 K1 K2 h wq h q 1 m’ h

s 0 c 1 ‐ M1 M2

anticipated K1�t+1� K2�t+1� Ki�t� Ki Ii Di

g1 t K1 t K1 t g2 t K2 t K2 t

g swm’ g s 1wm’

63 Vi Mi Ni

w Ni 1 m’ Vi Mi Ni Vi Mi ⑵ w 1 m’ 11 wm’

Ci Zi Di flow Ki ⑵

stock Ni Ki

s 20% wm’ 30% 40% g 2.4Wpi 2.4 n’ g 2.4

2.4% Di t Ri t+1

Ki t+1 2.4Di t 1 Ri t+1

2.4 Ki t 1 2.4% Ii t 1

Ⅰ ③ D R

K1 t+1 K2 t+1

K1 t+1 K2 t+1

K1 t K1 t K2 t K2 t

1 g1 t K1 t

1 g2 t K2 t

K1 t I1 t D1 t K2 t I2 t D2 t

g1 t 1 g2 t 1

β Ⅹ 4 71 76

r1 r2

r r1 r2 r71

g1 g2 g g2 g g1 72Ⅰ

6 Ⅲ

extreme point

DF driving force

facilitate7

32 basisⅠ deviation

29Ⅰ

55 2 3 20

11 Ⅰ

K1

h h h h3

68

K2

h hh h 69

2 840 173 174

1 123 17 β

1259

171β

9 2 49 Ⅰ ③ 39 279 Ⅰ

22 Ⅰ Ⅰ ③

Ⅰ Ⅰ Ⅰ 3 40 2

3 5 2 8 8 MEGA

4 34 × Circulation

→ 2 8

anticipation

40 264 M⑵ s g

K ΔK 5 Ⅰ 3 5 1 4

5 Ⅰ ’ β 925 Ⅰ ’

Ⅰ Ⅰ β 296

295 Ⅰ ’ 1865

2 8 1880 811 1867

3 5 2 82

29 ③

⑴

30 Ⅰ

6 13

171 7 DF 1

Π1 Π2 Π3

109 59

3636 Vorbürgerliches

Ⅰ

α

α

Ⅰ

③

α

α

‐

‐

‐ ⑴

Ⅰ

α

Ⅰ 17 3 1Ⅰ Ⅰ 39 475

Ⅰ ‐

α

‐ Ⅳ

Ⅰ Capitalist in posse

Ⅰ

12 14 Ⅰ

③ Ⅰ Public Credit③ 1609 ③ 1619 ③

Ⅰ Ⅴ

18 ③

③

Ⅰ ⑴

17 3 1 18③ ③

③ Privatcapitalist PrivatwuchererⅢ ‶

③

③

Ⅰ

Ⅰ

Vehikel③ Centralisation

494

Ⅰ ③

Ⅰ Ⅰ

③ ⑴

akivⅠ ③ Ⅰ

×

Ⅰ

⑴

Capital par excellence

occult

interest-bearing capitalcapital form historical formation

α

Ⅰ

Ⅰ Ⅰ ③

×

1

28 Ⅰ 1861 1863rent-bearing capital profit-bearing capital

historical formation1 7 24

3 4 205 36 6 47

3 4

Ⅰ Ⅰ

Ⅲ

3436 ’ fictitious capital

③ Ⅰ

46 Ⅰ ③

jobberhistorical formation of capital form

loan capital28 G_W_G’

G_G’G_W_G’

capital formuladiversity of capital form G_G’ simplicity of capital formula

1 2 4

198

250

250G W G’

G G’ G W G’265

1861 18631 β

rent-bearing capital ⑵ Ⅲ

2

16 3 2 3 C⑴

228

228 229

229

portfolio selection

WL

G W P W Grent

WL WL

G g G

47

64

WR

WL asset value

3 6 37

Ⅰ

105 10863

5 453

Ⅰ

→

⑴

⑧

1

Ⅰ ⑵ Ⅰ

2 c⑵ v m Ⅰ m

Ⅰ Ⅰ

⑵

comment ⊿

Ⅰ

source⑧

Ⅰ

Π1 sunk costⅠ

Π2

⑴ Π3

Ⅰ

4 Ⅲ reason q

g h gK ΔK

Ⅰ

q K utilities

Ⅰ

⑴

Ⅰ 14 15

Ⅰ

Ⅰ ⑴ ⑴

6 18

β ⑴

44 1

21 2

hint

Π2

working capital109 20

2 2 8

101 260

A.10 11 Ⅰ

260 261

working capital

fictitiousreal

1968 3

improving landlordretained profit mortgage

bond Ⅰ mercantile credit 19

Incorporation of firms54

Ⅰ 83 2

7 ③

Ⅰ Ⅰ

Ⅰ Ⅰ

Ⅰ Ⅰ ③

Ⅰ

⑴ 243③ 243

1173 2 ③

‐ p i 0.1 P 43 p iP 0.1

Ⅰ

Ⅰ p Ⅰ p Ⅰ

PP p ⑴ 44 45

Π1 ÷ i p

≧ Π2 ≧ ÷

i

59 35

2 ÷

109 68β

16 3 3A

Ⅰ

γ

Ⅰ

290Ⅰ

Ⅲ Ⅰ

289Ⅰ Ⅲ

portfolio selection

Π3

debt finance equity finance

109 55capital gain

Ⅰ 56

Ⅰ Ⅰ

56 Ⅰ

Ⅰ basis teleological 16 3 3 1 B③ Ⅰ

Ⅰ Ⅰ

3 AΠ2 ≧ ÷

Ⅰ Ⅰ

Ⅰ

facilitateⅠ request

120 3 2 3

⑴

‶

≧

≧

238

‐

⑵

Ⅰ

3016 3 3 3

B293

Ⅲ

293

WA

G W P W Gcapital stock dividend

WA WA investment capital gain

G g G

6 3primary formula secondary formula

tertiary formulacorrespondence β 110 128 134

capital form WF WF’fictitious capital formula WL WL’

WR WR’ WA WA’ WF WF’capital form historical formation

capital formula categorial determination4

real asset real capitalfictitious capital

complete

G W G’ G G’ G W P W’ G’ ÷

’

③ ’ capital fund

’ fictitious capital combined capital form ’ securitization

’ fictitious capital FC FC’

capital fund CF CF’

’ portofolio selection

’ circularity ’

volatility expected rate of returnFC FC’ ΔFC

FC FC’derivative financial instruments

’

’

G W P W’ G’ G G’ W W’W W’ real capital real metamorphose

’ formal metamorphose’

’ endless circulation

WF WF’G G’ circularity quaternary formula

Ⅰ 49

‶ ‶

‶

Ⅰ Ⅰ

144vs. Ⅰ vs. Ⅰ

83 1 Ⅰ

5 ③ Ⅰ Ⅰ

Ⅰ Ⅰ

Ⅰ 146 Ⅰ

③ Ⅰ ③ Ⅰ ③ Ⅰ

Ⅰ ③

150 ③

③ ③ Ⅰ Ⅰ

Ⅰ ③

Ⅰ ③ ③

157 Ⅰ Ⅰ

Ⅰ

Ⅰ Ⅰ 160 161 Ⅰ

Ⅰ Ⅰ

Ⅰ

Ⅰ Ⅰ

163 5 50 moneyed Capital monied Capital

Ⅰ ③

standby capital fundoperating capital fund

③

Ⅰ Ⅰ

Ⅰ Ⅰ Ⅰ

③ Ⅰ ex post

Ⅰ Ⅰ ⑴

Ⅰ

③ ③ Ⅰ

③

Ⅰ

③ Ⅰ ③ Ⅰ ③

165 166③ risk-taking Ⅰ

⑴

Ⅰ 167 ③

Ⅰ

Ⅰ 168 Ⅰ

Ⅰ circulation credit Ⅰ capital credit Ⅰ

commercial credit ③ Ⅰ bank credit

Ⅰ ③ Ⅰ Ⅰ

Ⅰ Ⅰ Ⅰ

Ⅰ ③ Ⅰ

Ⅰ ③ Ⅰ

Ⅰ A Ⅰ

Ⅰ Ⅰ 170 B③ Ⅰ Ⅰ

③ 170 25 Ⅰ Ⅰ ③ Ⅰ

Ⅰ Ⅰ Ⅰ A A BⅠ ③ Ⅰ ③ Ⅰ Ⅰ

③ 159③ ‶

③ Ⅰ

⊿ 169

③ Ⅰ ③ ⊿

Ⅰ B ③ Ⅰ

⊿ ③ Ⅰ Ⅰ Ⅰ

Ⅰ

‶

Ⅰ ⑴

Ⅰ Ⅰ ‐

176 Ⅰ ③

risk-taking ③

③

③

179 Ⅰ Ⅰ

74 Ⅰ

Ⅰ

Ⅰ

Ⅰ ③ Ⅰ Ⅰ A B Ⅰ C D

③ Ⅰ BⅠ Ⅰ Ⅰ Ⅰ

ex post Ⅰ

Ⅰ ③ Ⅰ Ⅰ Ⅰ Ⅰ C

3 30 Ⅰ Ⅰ

③ Ⅰ β

38 438 439 32real

d. Reproduktiven

507Ⅰ 6

25 Ⅰ 1113 1 ③ Ⅰ Sachkredit Ⅰ Zirkulationskredit

Ⅰ Ⅰ Ⅰ

Ⅰ Ⅰ Ⅰ Ⅰ

Ⅰ

③ Ⅰ

Ⅰ

281 ex post

Ⅰ ③ Ⅰ

ex ante

CA Ⅰ

③ Ⅰ Ⅰ ⑧ D Ⅰ

⊿ ③ Ⅰ

③ universal bankⅠ

Ⅰ ③

③ ③

③ ⊿

③ ③

③

③ ③

83183 184

84 3Ⅲ ⑴ 11

Ⅰ 20

23

Ⅲ

⑵

⑵ 24 ③ ③ ⑴

⑵ ③

③ ⑵

26 ⑴

‐

‐

28

36⑥ ②

⑵

⑵

③ ③ Ⅰ

44

③

46①⑥ ⑴

①⑥

⑴

⑴

③ 3

Ⅲ ⑴ 14 ③ Finanzkapital=finance capital

③ ③

③ Ⅰ

107 ③

‶ ③

Ⅰ

Ⅰ ③ 108 Ⅲ ⑴

③

⑵ ③ Ⅰ ③

③ Ⅰ

Ⅰ

110 Ⅰ ③

111 ③

Ⅰ ③

③ ③

③

③

111 112

Ⅰ

③ Ⅰ

112 ③

③

③

③ Ⅰ

Ⅰ

③

③

⑴

114

114

Ⅰ

monopoly capital Ⅰ

G W P W Gmonopoly capital capital stock dividend

WA WA share capital investment capital gain③ G g G

bank capital

③ combined capital form 72

finance capital 7

big business excessive competitionⅢ ⑵ ③

combinationcartel

conglomerate trust8

③ synergy ③

M&A merger and acquisition ⑵

Ⅰ ③

③

③ ③

19 B

88Ⅰ

Ⅲ

③

③ Ⅲ

③

89

90 25

3 12

typology3 ⑴

3 1 2 C

182

9 67 ③

Ⅱ

③

÷ ③ ③

95

prototype other types

17β

1 Ⅰ ③

15 131933 ③ ③ ⑴ ③

⑴ Regulation Q ③

③ 11③

‐ 253

social common capital 5―

47 fiduciary

Ⅰ damage of social cost2 1

61 262

61 51quaternary formula

87

1253 34 3 2

610 615

4 Ⅱ Ⅰ Ⅱ 310 Ⅱ Ⅰ ’

’ Ⅰ ’

’ 194Ⅱ Ⅰ Ⅱ 2 4Ⅱ Ⅰ

122

Ⅱ Ⅰ

5 Ⅰ Ⅱ Ⅱ

Ⅱ Ⅱ 4 2 Ⅰ Ⅱ

Ⅱ Ⅱ 72 5 Ⅰ

Ⅰ 6 Ⅰ credit transaction

Ⅰ

34 3 3 624 627 A C

7 Ⅱ Ⅱ

Ⅱ Ⅱ 4 4 Ⅲ ⑴

Ⅱ Ⅱ Ⅱ 728 Ⅱ

Ⅱ 69 2 7 Ⅱ

67 8 107 14

9

70 751 5

60 73 23

Ⓐ Ⓐ Ⓐ

Ⓐ Ⓐ Ⓐ Ⓐ

Ⓐ Ⓐ 400reality ⑴

default

407 aspect

1 Ⅳ 84 4 20163

2 Ⅱ Ⅰ 1971 3 Ⅱ Ⅰ 1988 4 Ⅱ Ⅱ

1977 5 19566 2010 7 19628 20099 199810 2018 11 2011 12 1973 13 1985 14 2010 15 2015 16 1952 17 1958 18 1959 19 1962 20 1965 21 196622 UP 1967 23 1969 24 1969 25 1971 26 1973 27 2008 28 1968 29 1976 30 1971 31 Ⅲ

Newsletter 2 21 2017 8 32 2014 33 Ⅰ ③ 1978 34 3 1982 35 1978 36 1 2016

37 2 Ⅰ 2016 38 3 Ⅰ

2016 39 4 Ⅰ

201640 201841 2015

53 1 2016 442 1987

43 Newsletter 2 21 2017 8

44 2009 45 5 Newsletter

2 25 2019 3 46 2018 47 1847 2013 48 1978 49 Ⅰ 1999 50 1979 51 1971 52 Ⅰ 2014 53 198854 4 201155 1968 56

201057

197758 197359 Ⅲ

Newsletter 2 20 2017 5 60 1965 61 1

50 2 2015 11 62 2

50 3 2016 3 63 NHK 1972 64 Ⓒ 197365 1968

66 198567 9 2003 3 68 1990 69 Ⅱ 2015 70 1963 71 α 1975 72 Ⅱ 1981 73 2011 74 1941 75 1978 76 ― 1997 77 ― 1971 78 ― 1971 79 ― 1976 80 1983 81 Ⅱ 1969 82 Ⅱ 1971 83 1982 84 1982 85 ③ 2012 86 1983 87 2 2002 88 2012 89 2013 90 2013 91 Ⅹ

÷ 1985 92 Ⅰ 3 5 1 4

5 Ⅰ ’ β Ⅰ

36 2018 5 93 Ⅱ 1956

94 1993 95 1982 96 2 1

1982 97 1 1982 98 2 1983 99 3 1983 100 4 1983

101 6 1985 102 7 1985 103 9 1987 104 10 1987 105 12 1989 106 13 1989 107 3 2017 108 β mimeograph 1977 3 109 3 ÷

Newsletter 2 10 2013 6 110

Newsletter 2 17 2016 3111 1980 112 2018 113 1968 114 Ⅰ 1970 115 Ⅰ 3 1974 116 1988 117 1994 118 Ⅰ 1988119 1983 120 1985 121 Ⅱ④ 1985 122

Newsletter 2 24 20185

123 1952 124 2010