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Introduction: the theoretical legacy of Augusto Graziani

Author

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  • Riccardo Bellofiore

    (University of Bergamo, Italy)

  • Marco Veronese Passarella

    (University of Leeds, UK)

Abstract

Augusto Graziani (1933–2014) was one of the most eminent Italian economists of the twentieth century. He is internationally known as the founding father of the theory of monetary circuit. His contributions to economic theory went beyond the circuit, especially in the early part of his career. They included both other theoretical areas (for example, a critical review of Walras's general equilibrium model) and the analysis of the 'uneven development' of the Italian economy. Even his approach to 'circuitism' was quite original and cannot be reduced to a special branch of post-Keynesianism. This introduction to the symposium on 'The Economics of Augusto Graziani' highlights some key points of his heretical thinking, and gives a quick summary of the papers that follow.

Suggested Citation

  • Riccardo Bellofiore & Marco Veronese Passarella, 2016. "Introduction: the theoretical legacy of Augusto Graziani," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(3), pages 243-249, July.
    • Handle: RePEc:elg:rokejn:v:4:y:2016:i:3:p243-249
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    References listed on IDEAS

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    1. Riccardo Bellofiore, 2013. "A heterodox structural Keynesian: honouring Augusto Graziani," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 425—430-4, October.
    2. Lilia Costabile, 2014. "Augusto Graziani (1933-2014)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2014(1), pages 163-168.
    3. Augusto Graziani, 1997. "The Marxist Theory of Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 26-50, June.
    4. Augusto Graziani, 1997. "Let’s Rehabilitate the Theory of Value," International Journal of Political Economy, Taylor & Francis Journals, vol. 27(2), pages 21-25, June.
    5. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115.
    6. Domenicantonio Fausto, 2014. "Augusto Graziani: a profile," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 10-28.
    7. Lilia Costabile, 2015. "Augusto Graziani: Theoretician, Applied Economist, Historian of Economic Thought—An Appraisal," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(2), pages 155-170, July.
    8. Riccardo Bellofiore, 2005. "Monetary Economics after Wicksell: Alternative Perspectives within the Theory of the Monetary Circuit," Palgrave Macmillan Books, in: Giuseppe Fontana & Riccardo Realfonzo (ed.), The Monetary Theory of Production, chapter 2, pages 39-51, Palgrave Macmillan.
    9. Marx, Karl, 1867. "Capital: A Critique of Political Economy (I): The Process of Capitalist Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number marx1867.
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    Cited by:

    1. Marco Veronese Passarella, 2022. "It is not la vie en rose. New insights from Graziani’s theory of monetary circuit," Working Papers PKWP2209, Post Keynesian Economics Society (PKES).
    2. Giuseppe Fontana & Riccardo Realfonzo, 2017. "Augusto Graziani and recent advances in the monetary theory of production," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 202-204, May.

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    More about this item

    Keywords

    Augusto Graziani; Keynes and Keynesianism; Marx and Marxism; Walras and Neoclassical Theory; theory of monetary circuit;
    All these keywords.

    JEL classification:

    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian

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