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.