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Classical economics, Keynes and money
No full textClassical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics
“The Construction of Long Period Supply Curves: Notes on Sraffa's Criticism to the Analyses of Partial Equilibrium”
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Piero Sraffa: economic reality, the economist and economic theory: an interpretation
Full text linkWe carry out a textual analysis of Sraffa's main published contributions to pure economics in order to elaborate a rational reconstruction of an aspect of Sraffa's implicit methodology which has not yet been duly investigated. We refer to the threefold relationship between 'economic reality', 'the economist/observer' and 'economic theory'. We elucidate the constraints which, for Sraffa, should bind the economists' arbitrariness and we trace the elements of continuity and evolution from the 1925-6 critique of Marshallian economics to Production of Commodities.Piero Sraffa, methodology, theory of value, laws of returns, marginalism, classical economics, joint production,
Organisations and institutions in Sraffa’s thinking
No full textThe choice of the production process depends on the rate of profit and the rate of wage, which is the result of a conflict between social classes, each of which exerts pressure to obtain favourable policy choices from the political elite. While political institutions and policy measures, determining the distribution of income, derive from conscious choices of social and political actors, economic institutions evolve spontaneously and incrementally. This evolution, of which individuals grasp the implications only ex-post, favours the emergence of institutions that generally do not ensure the efficient allocation of resources. There are, however, historical experiences that show that, in some circumstances, it is possible to consciously establish economic institutions that allow to improve the allocation of resources compared to those which rise spontaneously
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