Tracing a Faint Fingerprint of the Invisible Hand? ― Retrieving the Progressive from the Recorded Movement of the Monetary Economy

摘要

Any economic agent constituting the monetary economy maintains the activity of monetary flow equilibration for fulfilling the condition of monetary flow continuity in the record, except at the central bank. At the same time, monetary flow equilibration at one economic agent constantly induces at other agents in the economy further flow disequilibrium to be eliminated subsequently. We propose the rate of monetary flow disequilibration as a figure measuring the progressive movement of the economy. The rate of disequilibration was read out of both the Japanese and the United States monetary economy recorded over the last fifty years.