1st Edition
Classical Economics, Keynes and Money
Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics.
1 Introduction
John Eatwell, Pasquale Commendatore, and Neri Salvadori
2 Asking the right questions
JOHN EATWELL
PART I Classical theory of value and distribution
3 On physical real cost, labour and metaphysics: Sraffa on alternative theories of value and distribution and on Pareto’s distinction between ‘literary’ and ‘mathematical economists’
Heinz D. Kurz
4 Sraffa and the problem of returns: A view from the Sraffa archive
Neri Salvadori and Rodolfo Signorino
5 Class struggle and hired prize-fighters: A Marx-inspired perspective on the present state of economic theory and its social causes
Fabio Petri
6 On the productiveness of welfare expenditures
Cosimo Perrotta
7 Is Ricardian intensive rent a Nash equilibrium?
Giuseppe Freni and Neri Salvadori
8 Organisations and institutions in Sraffa’s thinking
Giuseppe Mastromatteo and Giovanni B. Pittaluga
PART II Keynesian and Post-Keynesian theories of growth and distribution
9 Key elements of post-Keynesian economics
Geoff C. Harcourt and Peter Kriesler
10 Classical theories of wages and heterodox models of distribution
Amitava Krishna Dutt
11 On changes and differences: Joan Robinson vs Sraffa
Maria Cristina Marcuzzo
12 Behavioural changes and distribution effects in a Pasinetti-Solow model
Pasquale Commendatore, Ingrid Kubin, and Iryna Sushko
PART III Monetary and fiscal policies and the role of institutions
13 The underground economy and the financial market: A two-sided relationship
Salvatore Capasso and Salvatore Ciucci
14 Latin America’s macroeconomic policies and growth: An uncoordinated dance
Juan Carlo Moreno Brid, Esteban Pérez Caldentey, and Santiago Capraro Rodríguez
15 Elections and government deficit spending: Evidence from Italian regions
Michele Limosani, Emanuele Millemaci, and Fabio Monteforte
16 Monetary policy and national fiscal policies in the euro area
Erasmo Papagni and Francesco Purificato
17 Monetary policy and financial stability in the Economic and Monetary Union
Francesco Purificato and Elvira Sapienza
PART IV The problem of rationality in economics
18 Economics situational rationality
Celia Lessa Kerstenetzky
19 Rationality, uncertainty and ecological adaptation
Valerio Filoso
Biography
John Eatwell is Honorary Fellow of Queens’ College, Cambridge; Member of House of Lords of the United Kingdom; and Foreign Fellow of Accademia Nazionale dei Lincei, Italy, and was President of Queens’ College, Cambridge. Pasquale Commendatore is Professor of Economics at the University of Naples Federico II, Italy. Neri Salvadori was Professor of Economics at University of Pisa, Italy, and is Corresponding Fellow of Accademia Nazionale dei Lincei, Italy.
