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Money and Interest in an Atypical Neoclassical Economist: Gustavo Del Vecchio

Author

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  • Gianfranco Tusset

    (Università di Padova - Dipartimento di Scienze Economiche «Marco Fanno»)

Abstract

Gustavo Del Vecchio has been esteemed as a follower or, better, an innovator of Walras’s statements incorporating money in a general equilibrium framework. However, although the static monetary theory he proposed in 1909 represents the most appreciated section of his work, his less known dynamic monetary theory is worthy of attention. The latter emphasises the role of the interest rate in determining the stock of circulating goods and services and, consequently, the demand for money. Moreover, by trying to explain the monetary service on such a basis, Del Vecchio finally introduces uncertainty and expectations in his monetary analysis.

Suggested Citation

  • Gianfranco Tusset, 2004. "Money and Interest in an Atypical Neoclassical Economist: Gustavo Del Vecchio," Il Pensiero Economico Italiano, Fabrizio Serra Editore, Pisa - Roma, vol. 12(1), pages 99-112.
    • Handle: RePEc:pei:journl:v:12:y:2004:1:6:p:99-112
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    Keywords

    Gustavo Del Vecchio; monetary theory; rate of interest (Gustavo Del Vecchio; teoria monetaria; tasso di interesse);
    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)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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