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The Italian contribution to early economic dynamics

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  • Gianfranco Tusset

Abstract

Contrary to the prevailing literature, the study of economic dynamics began at the end of the nineteenth century, at least four decades before Hayek's and Samuelson's essays on dynamic equilibrium, as Pareto's dynamic insights prove. Throughout this early phase of the discipline, economists interested in dynamic studies put forward a wide spectrum of suggestions. This paper investigates the lines of research that sprang from the Italian debate either according to or in opposition to the Paretian mechanistic legacy, aiming to show that a growing awareness of subjective variables' role weakened the mechanistic faith of the strictly Paretian followers, pushing them toward probabilistic analysis, anchoring dynamics to uncertainty and disequilibrium.

Suggested Citation

  • Gianfranco Tusset, 2009. "The Italian contribution to early economic dynamics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(2), pages 267-300.
    • Handle: RePEc:taf:eujhet:v:16:y:2009:i:2:p:267-300
    DOI: 10.1080/09672560902891051
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    References listed on IDEAS

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    1. Moore, Henry Ludwell, 1914. "Economics Cycles: Their law and cause," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number moore1914.
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    1. n.d., 2015. "Glimpses of Henry Schultz in Mussolini?s 1934 Italy," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2015(2), pages 93-113.
    2. Poitras, Geoffrey, 2023. "Cobweb Theory, Market Stability, And Price Expectations," Journal of the History of Economic Thought, Cambridge University Press, vol. 45(1), pages 137-161, March.

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