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The links between economic theory and the history of economic thought. Graziani from general equilibrium analysis to the theory of the monetary circuit

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  • Lilia Costabile

Abstract

Augusto Graziani?s theoretical work is closely intertwined with his ceaseless virtual dialogue with the economists of the past. Here I propose a novel investigation of the links that connect his theoretical work with his studies in the history of economic thought. I consider how the evolution of Graziani?s own theoretical approach went hand in hand with his studies on other economists and schools of thought, from his early analysis of General Equilibrium Theory to the Theory of the Monetary Circuit. Walras, Pareto, Barone, Knight, Hayek, Hicks, Fu?, Malthus, Marx, Wicksell, Schumpeter, Robertson, Fanno, Keynes are some, but by no means all, of the authors to whom Graziani devoted his attention. I illustrate the relationships between their models and Graziani?s own theoretical framework. This investigation sheds light on Graziani?s critical approach to the history of the discipline, and on the very close association between the analytical and the conceptual dimensions of his work.

Suggested Citation

  • 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.
    • Handle: RePEc:fan:steste:v:html10.3280/ste2014-112004
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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. 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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    Cited by:

    1. Giovanni Michelagnoli, 2021. "The modern Italian debate on the Walrasian theory of capitalization (1960-1971)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 10(1), pages 131-155.

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    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B - Schools of Economic Thought and Methodology
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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