A very expensive macroeconomics textbook, having 700-1000 pages, would contain a lot of interesting history, a lot of fuzzy psychology, unscientific analysis, and uncertain conclusions. A reader would not gain a **clear theory **and **complete explanation **of the **dynamics** of the real economic process. However, is there not a superior 228-page, far less expensive textbook right in our hands? How about this? **Reword the subtitle** of **CWL 15** from *An Essay in Circulation Analysis *to * A Textbook of Circulation Analysis, *and let the professor instruct the serious student to read the book three times, then report back to discuss the following:

- the
**canons**of empirical method - a
**scientific, dynamic heuristic** - the technique of
**implicit definition;**explanatory terms**defined by the functional relations**in which they stand**with one another** **velocitous functional unities**of**scientific and explanatory significance**replacing the BEA’s descriptive, commonsense, accountants’ unities- the structure of the
**lagged, rectilinear**productive process **money as a dummy**invented by man- the perspective of a
**hierarchical series**of**monetary circuits** - how a
**monetary circulation**meets the rectilinear production-and-vending process - the
**primary relativities and concomitance**in the Diagram of Rates of Flow **dynamic equilibrium**replacing**static Walrasian general equilibrium**- the
**velocity of money**in terms of**magnitudes and frequencies** **prices are not a given**and**not requiring explanation**; rather prices are**in need of explanation**- interpretation of prices, quantities, interest rates in the light of
**significant explanatory variables** - the pure cycle and its
**constituent phases**in the expansion of the objective economic process - the
**abstract****primary relativities**and**concrete secondary determinations**in the expansion of the economic process - the
**statistical residue**and why**prediction is impossible**in the general case; predicting**weather**vs. predicting**planetary motion** - the significance of
**investment’s monetary correlate** - the
**ineptitude**of manipulating interest rates - the
**explanation**of government and foreign-trade imbalances by the dynamics of**superposed circuits** - the distinction between
**efficient cause**and**formal****cause** - distinguishing between
**self-healing**and the effect of interventions - the intelligibility and explanatory power of the
**basic price-spread ratio** - Figures 14-1, 24-7, and 27-1 in CWL 15

The student would learn much that is radically different, explanatory, and very useful; and he/she would gain a perspective or framework by which to evaluate and criticize the flawed premises and tenets of conventional textbooks and traditional theories.