Before Memmo my notes were scattered across PDFs. Now a workspace pulls everything into one place — I see exactly what's still left to study.
Rejecting much of mainstream economic theory for being too passive, this book argues that the innovative and unpredictable nature of economic phenomena is better understood with analytical devices, which allow for more creative and participatory analysis. As is demonstrated, this has significant implications for our understanding of production, money, and finance.
The book introduces the concept of "production commitments": the expectation of a producer that others in the chain will produce their corresponding output. This expectation forms the basis of all specialized production in the economy. And being at the center of the process of specialization, production commitments are the most basic form of finance. Unless they are purely redistributive, money and monetary financial assets are valuable to the production process as long as they represent outstanding production commitments. It is also demonstrated that this new way of looking at finance is better grasped with an input-output framework than with the traditional probabilistic two-factor general equilibrium approach. By combining the Sraffa-Pasinetti approach to "expectation" with G.L.S. Shackle’s "potential surprise function", the book posits an alternative to the standard modern portfolio theory view of finance. Understanding production commitments through the Sraffa-Pasinetti framework also allows for an assessment of the compatibility between outstanding financial assets and a given or expected structure of production.
This book will be of great interest to readers of post-Keynesian economics and other alternative approaches to economic theory, production, and financial economics.
Before Memmo my notes were scattered across PDFs. Now a workspace pulls everything into one place — I see exactly what's still left to study.
Memmo's summaries are gold before exams. I don't have to re-read 800 pages two weeks before — just the important parts.
The AI chat has saved me the night before an exam more than once. I just keep asking until I get it — no waiting on a study group to reply.
The quizzes hit exactly what I need to know. Memmo tracks what I get stuck on — so I only practice what's worth it.
Flashcards with spaced repetition are magic. Memmo knows when I'm about to forget something and brings it back.
The AI podcasts are my favorite. I listen on my way to school and get a recap without sitting at a computer.
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