... works of Hilferding, Keynes, Schumpeter, and Kalecki. Common to their different theories was the vision of the economy as a sequentialprocess where credit needs to be extended to enterprises, and ... circuit, who either have access to external financing orreceive their income earlier in the sequence. The circuit determines the residual (or passive)nature of aggregate saving (i .e. , aggregate saving ... enhance the information content of the relationship between the service provider and her end-users, as they convey more information on the income and payment time-profile (and, ultimately, on creditworthiness)...