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Individual and market inertia in Luigi Amoroso's cycle model

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  • Gianfranco Tusset

    (Università degli Studi di Padova - Dipartimento di Scienze Economiche e Aziendali «M. Fanno»)

Abstract

Luigi Amoroso was an Italian economist-mathematician, mainly known for his attempts to develop Vilfredo Pareto’s general economic equilibrium scheme along dynamic lines. In addition, he worked out a cycle model, anchoring it to the economic interpretation of a concept inherited from classical mechanics, the inertia principle. He demonstrated that both the individual and aggregate behaviour of agents must be considered from an adaptive view once inertia is taken into account. Particularly, if behavioural variables, like habits, play a role in explaining individual decisions, phenomena such as euphoria and sluggishness become significant when considering an aggregate or market dimension.

Suggested Citation

  • Gianfranco Tusset, 2012. "Individual and market inertia in Luigi Amoroso's cycle model," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 20(2), pages 43-64.
  • Handle: RePEc:hid:journl:v:20:y:2012:2:3:p:43-64
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