Bookkeeping Whisperer: Reconstructing Economics Through the Lens of Accounting
Recent posts can be found below
Purpose and Vision
This project, titled “Bookkeeping Whisperer,” is dedicated to the reconstruction of economic theory through the rigorous application of accounting principles. By viewing the economy not as an abstract model of aggregates, but as a network of accounting entities connected through double-entry bookkeeping, this work aims to illuminate hidden structures and correct longstanding misconceptions in economic thought.
I am an independent scholar, free from university affiliation, pursuing this work out of intellectual conviction and a lifelong engagement with both economics and accounting. In my seventies, I continue to study daily with the conviction that the most urgent questions in economics must be addressed by returning to the concrete language of accounts: assets, liabilities, and flows.
Research Objectives
This work seeks to:
- Redefine “asset” from a bookkeeping perspective: distinguishing between items under direct control and those representing claims on others’ obligations.
- Reframe the debate on modern monetary theory (MMT) by comparing state and corporate balance sheets.
- Reconstruct the role of money, not as a neutral medium of exchange, but as a system of liabilities embedded in relationships.
- Integrate political and ideological frameworks (such as the Two-Axis Theory) with national accounting structures.
- Explore the implications of these perspectives for global finance, dollar hegemony, and international balance of payments.
Structure of the Book Project
The final publication is planned as a full-length book, to be written in English. The tentative structure is as follows:
| Chapter | Title | Core Focus | Key Thinkers & Sources |
|---|---|---|---|
| 1 | What is Money? | Debt, gifts, and the origin of money | Graeber, Mauss, Marx |
| 2 | What is an Asset? | Control vs. claim-based assets | Fujita, Burlaud, IFRS, Kamachi |
| 3 | Corporations vs. States | MMT and the asymmetry of obligations | Stephanie Kelton, public finance theory |
| 4 | The Dollar and the World | International financial architecture | Pettis, Eurodollars, BOP accounting |
| 5 | Marx and Cost Accounting | Value, productivity, and surplus | Marx, Enchika, Uno, Yoshikawa |
| 6 | Institutions in the Ledger | Two-Axis Theory and normative frameworks | Todd, Milanovic, Kamachi’s theory |
| 7 | Bookkeeping and the World | Toward a general grammar of economic reality | Original synthesis |
Research Methodology
The process involves:
- Comparative analysis of accounting frameworks (corporate, banking, central bank, government)
- Textual engagement with primary theorists (Marx, Todd, Milanovic, Graeber, IFRS documents)
- Production of short essays and columns as stepping stones, all posted here on Bookkeeping Whisperer
- Periodic lectures and presentations (in Japanese and English)
- A final book manuscript in English, aimed at academic and general readers
Why English? Why Now?
While this work is rooted in Japanese experience and sensibilities, the intended audience is global. English allows for dialogue with thinkers and readers beyond national or institutional confines. Too often, valuable insights in Japan remain locked behind linguistic and academic walls. This is my effort to breach them.
Koichi Kamachi
Certified Public Accountant (JICPA)
Independent Scholar, Bookkeeping Whisperer Project
