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A heterodox structural Keynesian: honouring Augusto Graziani

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  • Riccardo Bellofiore

    (University of Bergamo)

Abstract

Translated from the Italian by Antoine Godin. The article gives an appraisal of Augusto Graziani's thought as a heterodox structural Keynesian. Graziani has always challenged the basic assumptions of orthodox theory by rejecting the initial definition of the economic and social world as being populated by identical individuals, where consumers are sovereign, technology is exogenous and money is neutral. Since the 1970s, Graziani's efforts have aimed at rebuilding on solid foundations the line of inquiry that sees capitalism as a 'monetary economy of production'. Authors such as Schumpeter and Keynes, and before them Wicksell and Marx, were all key influences on Graziani's work. This theoretical attitude shaped Graziani's studies on the Italian economy within the European and the global landscapes. We are confronted here with an idea of state intervention where demand policies are not separated from supply-side policies, and are indeed embodied in a structural design to redefine the composition of production with great attention to the quality of labour. He reminds us that economic theory has to put at the heart of its discourse not the 'imperfections' of the market, but rather the 'normality' of power and conflict, not only between labour and capital, but also between fractions of capital, and between capitalisms.

Suggested Citation

  • 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.
    • Handle: RePEc:elg:rokejn:v:1:y:2013:i:4:p425-430
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    References listed on IDEAS

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    1. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, January.
    2. 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.
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    Cited by:

    1. 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.
    2. Lilia Costabile, 2014. "The links between economic theory and the history of economic thought. Graziani from general equilibrium analysis to the theory of the monetary circuit," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 53-71.
    3. Domenicantonio Fausto, 2014. "Augusto Graziani: a profile," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 10-28.
    4. 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.

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    More about this item

    Keywords

    Augusto Graziani; circuit theory of money; structural Keynesianism; Marx; Italian economy;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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