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Moneta, ciclo e risparmio forzato : il contributo analitico di Francesco Vito (Money, business cycles and forced savings: the analytical contribution of Francesco Vito)

Author

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  • Michela Massaro

    (Università degli Studi di Firenze - Dipartimento di Scienze Economiche)

Abstract

The aim of this paper is to analyse Francesco Vito’s role in the debate of the 1930s on economic fluctuations. This subject was debated over a long time, and it led to two main theoretical views. Firstly, an orthodox approach, which can be identified with the Austrian School. Secondly, an heterodox position, which culminated in Keynes’s General Theory. This paper analyses Vito’s theory of business cycles as it was formulated in this debate, and especially its peculiar emphasis on the role played by ‘notmonetary- led’ forced saving. His theories on the causes of cycles and forced saving make Vito a scholar close to the Austrian school. However he is constantly careful in criticizing some aspects of the Austrian theory and he developed original intuitions. In particular he was keen to admit that an increase in investments could be financed by shareholders, causing a particular kind of forced saving, namely self-financing saving

Suggested Citation

  • Michela Massaro, 2007. "Moneta, ciclo e risparmio forzato : il contributo analitico di Francesco Vito (Money, business cycles and forced savings: the analytical contribution of Francesco Vito)," Il Pensiero Economico Italiano, Fabrizio Serra Editore, Pisa - Roma, vol. 15(2), pages 69-89.
    • Handle: RePEc:pei:journl:v:15:y:2007:2:4:p:69-89
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    Keywords

    ciclo; risparmio forzato; Francesco Vito (business cycles; forced saving; Francesco Vito);
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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