Pierangelo Garegnani: Policy Implications of the Critique of Political Economy
Notwithstanding his fundamental contribution to the critique of the neoclassical notion of capital, we maintain that Pierangelo Garegnaniâs research has been especially characterized by the reconstruction of an alternative approach to economics. Following Sraffaâs 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.
Volume (Year): (2011)
Issue (Month): 4 (December)
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- Pierangelo Garegnani, 2007. "Professor Foley and Classical Policy Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 19(2), pages 221-242.
- Pierangelo Garegnani, 2005. "Capital And Intertemporal Equilibria: A Reply To Mandler ," Metroeconomica, Wiley Blackwell, vol. 56(4), pages 411-437, November.
- 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.
- Garegnani, P, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Wiley Blackwell, vol. 37(3), pages 407-36, July.
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