IDEAS home Printed from https://ideas.repec.org/a/rar/journl/0229.html
   My bibliography  Save this article

Pierangelo Garegnani: Policy Implications of the Critique of Political Economy

Author

Listed:
  • Antonella Palumbo
  • Attilio Trezzini

Abstract

Notwithstanding his fundamental contribution to the critique of the neoclassical notion of capital, we maintain that Pierangelo Garegnani’s research has been especially characterized by the reconstruction of an alternative approach to economics. Following Sraffa’s lead, Garegnani found such an alternative approach in the Classical theory of value and distribution, and put forward a Classical-Keynesian theory for output determination. In this approach, prices are not scarcity indexes, the absence of any spontaneous tendency to full employment abolishes optimality of market economies, income distribution results from social − not natural − forces. The policy implications of this approach are considered.

Suggested Citation

  • Antonella Palumbo & Attilio Trezzini, 2011. "Pierangelo Garegnani: Policy Implications of the Critique of Political Economy," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, issue 4, December.
    • Handle: RePEc:rar:journl:0229
    as

    Download full text from publisher

    File URL: http://www.francoangeli.it/riviste/Scheda_rivista.aspx?IDArticolo=44266&Tipo=Articolo%20PDF&lingua=en
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. J. A. Kregel (ed.), 1983. "Distribution, Effective Demand and International Economic Relations," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-17177-4, December.
    2. Pierangelo Garegnani, 2005. "Capital And Intertemporal Equilibria: A Reply To Mandler," Metroeconomica, Wiley Blackwell, vol. 56(4), pages 411-437, November.
    3. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(3), pages 407-436.
    4. Pierangelo Garegnani & Attilio Trezzini, 2010. "Cycles and Growth: A Source of Demand-Driven Endogenous Growth," Review of Political Economy, Taylor & Francis Journals, vol. 22(1), pages 119-125.
    5. Pierangelo Garegnani, 2007. "Professor Foley and Classical Policy Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 19(2), pages 221-242.
    6. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
    7. Garegnani, Pierangelo, 1984. "Piero Sraffa," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 1-2, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Enrico Sergio Levrero, 2021. "Garegnani’s work and the prospects of the surplus approach: an introduction," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(2), pages 115-121, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Antonella Stirati, 2022. "Alcune note sul contributo di Garegnani all'analisi economica (Some notes on Garegnani's contribution to economic analysis)," Moneta e Credito, Economia civile, vol. 75(299), pages 251-265.
    2. Saverio M. Fratini, 2019. "On The Second Stage Of The Cambridge Capital Controversy," Journal of Economic Surveys, Wiley Blackwell, vol. 33(4), pages 1073-1093, September.
    3. Marc Lavoie, 2022. "Pierangelo Garegnani, come lo intesi alla fine degli anni Ottanta (Pierangelo Garegnani, as perceived in the late 1980s)," Moneta e Credito, Economia civile, vol. 75(299), pages 233-249.
    4. Arena, Richard, 1992. "Une synthèse entre post-keynésiens et néo-ricardiens est-elle encore possible?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(4), pages 587-606, décembre.
    5. Enrico Sergio Levrero, 2021. "Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment," International Journal of Political Economy, Taylor & Francis Journals, vol. 50(1), pages 5-27, February.
    6. Levrero, Enrico Sergio, 2022. "The Taylor Rule and its Aftermath: Elements for an Interpretation along Classical-Keynesian lines," Centro Sraffa Working Papers CSWP59, Centro di Ricerche e Documentazione "Piero Sraffa".
    7. Fabio Ravagnani, 2008. "Classical Theory and Exhaustible Natural Resources: Notes on the Current Debate," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 79-93.
    8. J. Barkley Rosser, 2020. "Austrian themes and the Cambridge capital theory controversies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(4), pages 415-431, December.
    9. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
    10. Petri, Fabio, 2021. "What Remains of the Cambridge Critique? On Professor Schefold's Theses," Centro Sraffa Working Papers CSWP50, Centro di Ricerche e Documentazione "Piero Sraffa".
    11. Matias Vernengo, 2022. "Oltre l'economia eterodossa volgare: una nota sull'eredita' di Pierangelo Garegnani (1930-2011) (Beyond vulgar heterodox economics: a note on the legacy of Pierangelo Garegnani (1930-2011))," Moneta e Credito, Economia civile, vol. 75(299), pages 339-351.
    12. Tony Aspromourgos, 2019. "The Past and Future of Keynesian Economics: A Review Essay," History of Economics Review, Taylor & Francis Journals, vol. 72(1), pages 59-78, January.
    13. Anwar Shaikh, 2012. "Rethinking Microeconomics: A Proposed Reconstruction," Working Papers 1206, New School for Social Research, Department of Economics.
    14. Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 179-206.
    15. G. C. Harcourt, 2015. "On the Cambridge, England, Critique of the Marginal Productivity Theory of Distribution," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(2), pages 243-255, June.
    16. Harvey Gram, 2003. "Joan Robinson: classical revivalist or neoclassical critic?," Review of Political Economy, Taylor & Francis Journals, vol. 15(4), pages 493-508.
    17. Ariel Dvoskin & Fabio Petri, 2015. "Again on the relevance of reverse capital deepening and reswitching," Department of Economics University of Siena 710, Department of Economics, University of Siena.
    18. Gary Mongiovi, 2021. "Pierangelo Garegnani and the revival of the ‘submerged and forgotten’ surplus approach," Bulletin of Political Economy, Bulletin of Political Economy, vol. 15(2), pages 163-184, December.
    19. Tony Aspromourgos & Graham White, 1990. "The EPAC ‘Growth Papers’: An Assessment," The Economic Record, The Economic Society of Australia, vol. 66(1), pages 12-22, March.
    20. Sergio Cesaratto, 2012. "Neo-Kaleckian and Sraffian controversies on accumulation theory," Department of Economics University of Siena 650, Department of Economics, University of Siena.

    More about this item

    Keywords

    Pierangelo Garegnani; Piero Sraffa; Capital theory; Classical surplus approach; Effective demand;
    All these keywords.

    JEL classification:

    • B32 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Obituaries
    • D30 - Microeconomics - - Distribution - - - General
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rar:journl:0229. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/rossiea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.