Abstract
In a recent paper in this Journal, Ed Nell presented a theory of circulation intended to unify ‘the theories of money, production, and effective demand’. The current comment uses a very simple leakage and injection approach to arrive at some of Nell's results. In doing so, we are able to correct a small slip in Nell's original paper. More importantly, with the slip corrected, the money supply and multiplier processes are seen to be one and the same.
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