it was to bring the accounting models of the firm into macroeconomics
If only it did!
On the national balance sheet, there is no National Equity, only a National Debt.
The balance sheet shows the debt: but it doesn't show the productive assets it paid for - because the only "productive" assets are - by definition - in the private sector....
The whole concept of National Debt is insane. While individual countries may - through fortune or force - be able to repay their own National Debt, across the entire system, how can National Debts ever be repaid? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Paying off debt destroys money. But in order to repay it, new credit=debt=money has to be created. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
