Quantum Macroeconomic and Monetary Theory

Economy and economic science are going through a deep crisis, whose origins are common. Current evolutions in economy and finance become more and more difficult to explain referring to traditional macroeconomic theory and monetary theory. Quantum macroeconomic theory (developed during the last forty years mainly by Bernard Schmitt) is the attempt to provide a modern paradigm for both monetary and macroeconomic theory.

The whole analysis is based on the distinctive properties of bank money. Rejecting the dichotomy between the monetary and the real sectors (dichotomy which is proven to be less and less adequate to investigate current evolutions in the economy and in finance), a great emphasis is put on integration of bank money into the real sector: this investigation leads to assigning production (in opposition to exchange) a prominent role in the understanding of macroeconomic phenomena (namely, inflation and unemployment).

Defined as a numerical unit, credit money is showed to be emitted by banks as an asset-liability, whose duration in time is instantaneous literally, for any payment whatsoever takes an instant to be made. Quantum theory then provides a radical distinction between money and credit, distinction which fruitfully accounts for current evolutions in finance and in payment systems. In particular, a deep analysis of the nature of bank money provides a clear and operative distinction between banking activity (as a monetary intermediation) and financial activity, distinction that in the practice of finance tends to be more and more blurred.