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Un modello di teoria monetaria della produzione capitalistica. Un'alternativa «classico-circuitista» al paradigma neoclassico della scarsità (A model of monetary theory of capitalist production)

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  • Emiliano Brancaccio

    (Università del Sannio - DASES)

Abstract

In order to sketch out a common analytical framework between classical and circuit theories we build a model of ‘monetary theory of capitalist production’. The structure of this model consists of a classical ‘core’ inspired to Garegnani (1981, 1990) and an ‘extension’ based on the monetary circuit theory of Graziani (1984, 2003). It is shown that this structure is conceptually alternative to the neoclassical paradigm of scarcity. We also criticise Hahn (1982), who defined this kind of models as a ‘special case’ of the neoclassical theory. In particular, we demonstrate that Hahn’s interpretation is based on the paradox of considering ‘the past dependent on the future’. The comparison between the monetary theory of capitalist production and the neoclassical analysis is developed within a wellknown mathematical framework, derived from Solow (1956)

Suggested Citation

  • Emiliano Brancaccio, 2005. "Un modello di teoria monetaria della produzione capitalistica. Un'alternativa «classico-circuitista» al paradigma neoclassico della scarsità (A model of monetary theory of capitalist production)," Il Pensiero Economico Italiano, Fabrizio Serra Editore, Pisa - Roma, vol. 13(1), pages 91-122.
    • Handle: RePEc:pei:journl:v:13:y:2005:1:5:p:91-122
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    Keywords

    Current heterodox approaches; general aggregative models (Approcci eterodossi contemporanei; modelli di crescita e distribuzione);
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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