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None so deaf as those that will not hear: on Garegnani’s contributions to the capital-theoretic critique and the resistances to accepting them

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  • Fabio Petri

    (University of Siena)

Abstract

In this paper I will discuss the usefulness of Garegnani’s contributions to the capital-theoretic criticism of marginalist/neoclassical theory trying also to indicate possible avenues for fruitful further work. Three main groups of critical contributions by Garegnani on capital theory are distinguished: 1) on the structure of the marginal approach to value and distribution and its differences from the classical or surplus approach; 2) criticisms of the traditional versions of the marginal approach; 3) criticisms of the neo-Walrasian versions. The content of the three groups of contributions is briefly remembered. It is suggested that Garegnani's arguments are increasingly accepted among historians of economic thought, and remain unaccepted among mainstream economists mainly because of a conscious decision not to study them: a disconcerting non-scientific attitude due to dogmatism and to political-ideological pressures. On Garegnani's 2000-2003 criticism of intertemporal equilibrium theory it is better to wait for a thorough examination of his unpublished manuscripts.

Suggested Citation

  • Fabio Petri, 2021. "None so deaf as those that will not hear: on Garegnani’s contributions to the capital-theoretic critique and the resistances to accepting them," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(2), pages 187-207, December.
    • Handle: RePEc:awu:journl:v:15:y:2021:i:2:p:187-207
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    References listed on IDEAS

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    More about this item

    Keywords

    Capital theory; traditional marginalist theory; neo-walrasian versions; aggregate production functions; perfect foresight;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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