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dc.contributor.authorRankin, Keith
dc.description.abstractThe simple flow model presented here differs markedly from the standard presentation, and draws its inspiration directly from the human body (or at least its upper half) in the spirit of Quesnay and Phillips.6 It its core form, this is a closed economy model, analogous to the global economic and financial system.7 And, in the spirit of classical economics, it posits classes of households. These two classes are the 'saving class' (S) – a modern conflation of the classical capitalist and landlord classes – and the 'subsistence class', although for the latter I prefer the prosaic 'lower income class' (L) who essentially spend their income as they earn it. The L-class can be thought of as the labouring or working class, albeit in a modern welfare-state context.en_NZ
dc.rightsAll rights reserveden_NZ
dc.subjectsimple flow modelen_NZ
dc.subjectclosed economyen_NZ
dc.titleCircular Flow: Drawing Further Inspiration from William Harveyen_NZ
dc.typeConference Contribution - Paper in Published Proceedingsen_NZ
dc.subject.marsden140102 Macroeconomic Theoryen_NZ
dc.identifier.bibliographicCitationRankin, K. (2012). Circular Flow: Drawing Further Inspiration from William Harvey. 53rd New Zealand Association of Economists (NZAE) Annual Conference. 27-29 June, Palmerston North, New Zealand.en_NZ
unitec.institutionUnitec Institute of Technologyen_NZ
unitec.conference.title53rd New Zealand Association of Economists (NZAE) Annual Conferenceen_NZ
dc.contributor.affiliationUnitec Institute of Technologyen_NZ
unitec.institution.studyareaAccounting and Finance

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