| The Research Laboratory on Monetary Economics aims to contribute to the development of our scientific understanding of the way our economic systems work, with particular reference to their monetary disequilibria and to how these could practically be dealt with.
It is no mystery that inflation and unemployment are the source of serious troubles, which hinder the further growth of wealth as well as its distribution. Likewise it is widely admitted that exchange rates instability, stock exchange fluctuations and external debt are the main causes of disruption at the international level. It should also be recognised that our understanding of these anomalies has improved very little in the last century, and that economists are too often at a loss when asked to provide a diagnosis and propose a remedy. The time has come to develop a new approach, based on a modern conception of bank money and capable of conveying the teaching of the greatest economists of the past (Smith, Ricardo, Walras and Keynes), together with the main contributions of practitioners (bankers in primis) towards the setting up of a monetary theory of national and international economic systems. What is needed is a theory consistent with the nature of book-entry money and capable of accounting for the process of capital accumulation and circulation.
The work carried out by the members of the Research Laboratory on Monetary Economics is intended to help with this task and to provide the elements for a national and an international reform apt to modify the present system of payment consistently with the laws of (bank) money.
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