The economic thought of Lonergan at the end of his career. His analysis, while taking a fresh look at fundamental variables, breaks from centralist theory and practice towards a radically democratic perspective on surplus income and non-political control.

Frederick G. Lawrence is in the Department of Theology, Boston College. Patrick H. Byrne is in the Department of Philosophy, Boston College.

General Editors' Preface

ix

Frederick E. Crowe

Robert M. Doran

Editors' Preface

xi

Charles C. Hefling, Jr.

Editors' Introduction

xxv

Frederick G. Lawrence

Acknowledgments

lxxiii

Preface

3

(2)

Summary of the Argument

5

(2)

PART ONE

7

(90)

Analysis

7

(5)

Economic Process

12

(2)

Significant Basic Variables

14

(2)

Circulation Analysis

16

(1)

Procedure

17

(2)

The Productive Process

19

(4)

Additional Note to Section 6

22

(1)

Division of the Productive Process

23

(5)

The Basic Stage of the Productive Process

28

(3)

The Surplus Stage

31

(4)

Cycles of the Productive Process

35

(1)

A Technical Restatement

36

(2)

Classes of Payments

38

(7)

Rates of Payment and Transfer

45

(10)

Diagram of Rates of Flow

55

(1)

Circuit Acceleration (I)

56

(12)

Appendix to Section 15

65

(3)

Circuit Acceleration (II)

68

(2)

Measuring Change in the Productive Process (I)

70

(5)

Phases in the Productive Process

75

(5)

Mistaken Expectations

80

(2)

Misadventures

82

(4)

Methodological Shifts

86

(5)

The Position of This Essay

91

(6)

PART TWO: HEALING AND CREATING IN HISTORY

97

(10)

PART THREE

107

(70)

Measuring Change in the Productive Process (II)

107

(6)

The Cycle of the Productive Process

113

(15)

Additional Note to Section 24: The Pure Cycle

120

(8)

Price and Quantity Changes in Accelerating Circuits

128

(5)

Additional Note to Section 25: The Phases in Circuit Acceleration - A Technical Statement

130

(3)

The Cycle of Basic Income

133

(11)

The Cycle of Pure Surplus Income

144

(12)

The Cycle of the Aggregate Basic Price Spread

156

(6)

Superposed Circuits

162

(3)

The Balance of Foreign Trade

165

(8)

Deficit Spending and Taxes

173

(4)

Additional Note to Section 31

175

(2)

Appendix: History of the Diagram, 1944-1998

177

(26)

Patrick H. Byrne

Glossary of Symbols

203

(12)

Index

215

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