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Based on the original version of Stützel’s habilitation thesis, a so far neglected issue of circular flow equilibrium is considered: the microeconomic transactions during the production period of the neoclassical model of general equilibrium. The specific equilibrium conditions for the „transactions profiles‘‘ are analyzed given the institutional rules of Fisher’s Quantity Equation. The implications for the equilibrium with respect to Stützel’s notions of „lock-step with constant steps‘‘ and „buying lead with constant steps‘‘ are also derived.

Literaturbeitrag / Review Paper. Leistungserstellung, Kreislaufgleichgewicht und das Geld: Eine Diskussion mit Wolfgang Stützel (1925–1987)