Abstract
ABSTRACTThis paper presents the origin and the history of the so-called Dijon–Fribourg School that Bernard Schmitt created in regard of monetary circuit analysis. The first section provides a short biographical note about Schmitt and his academic research work in this regard, to point out his logical, rather than mathematical, approach to macroeconomics. The second section lists Schmitt’s followers, who are mainly based in Europe and have been studying national and international economic issues along Schmitt’s lines. The third section, then, focuses on the theory of the monetary circuit inspired by Keynes, before elaborating on it in the fourth section, which presents Schmitt’s own circuit theory. The fifth section thus summarizes the circuit of money and its logical laws according to this theory, while the sixth section points out the main differences between the Schmitt School and the French and Italian Schools of the monetary circuit. The last section summarizes the major points of this paper briefly.
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