The National Economy Studied as a Whole: Aspects of Circular Flow Analysis in the German Language

Abstract

In 1967 Helmut Reichardt published Kreislaufaspekte in der konomik, a book in which he developed the theory propounded by one of his teachers at Tübingen, Flans Peter. A small group of young economists led by Peter pursued the task of arriving at a clear and definitive definition of the ‘true’ nature of the circular flow which rules each national economy. Short of this ambitious goal, the group purported to establish a formally correct concept of the working of the national economy in a circular flow.