The Woodley School of Economics

This is a set of short essays describing an approach to the study of economics based around money and banking. It concentrates on positive economics, and is particularly concerned with what can be known with the certainty of mathematics or physics.

It is largely concerned with macroeconomics, whether on the scale of a nation with a population of only a few people, or on the scale of millions of people. It uses complete examples to ensure that plausible ideas about economics are actually consistent and realistic in practice.

One particularly important feature is that it does not ignore debt.

The essays:

  1. Circular flow, with debt
  2. Balance sheets, and the creation of wealth
  3. The life cycle of money
  4. Balance sheets and bank loans