Reconsidering the Privileged Powers of Banks: National Monetary, Wealth, and Real Capital Foundations for Sustainability," an economic book co-authored by Professor Kozo Mayumi of The Kyoto College of Graduate Studies for Informatics (KCGI) and researcher Ancel Renner of the Universidad Autónoma de Barcelona, Spain, has recently been published by Palgrave Macmillan of the UK.
The content "revisits the privileged power of commercial banks, that is, the privilege of creating money out of nothing and augmenting that money with interest.These two privileges are contrary to the first and second laws of thermodynamics.It is necessary to look at the duality of money, wealth, and real capital, in other words, from the new perspective that while these three entities represent individual wealth, they are liabilities from the perspective of the resource physics of society as a whole.It proposes a completely new foundation of money, wealth, and real capital for any society on the path of responsible development," he introduces.Professor Mayumi says, "This is a book on monetary theory, so it is of interest to everyone.
Professor Mayumi is the author of many books, including "Sustainable Energy and Economics in an Aging Population -Lessons from Japan" published by a German publisher in 2020.At KCGI, he teaches courses such as "Business Economics" and "Statistics for IT.