This collection brings together significant new contributions to the Sraffa--based theories of production and distribution, from post-Keynesian arguments concerning monetary and macro economics to the history of thought and methodology. All of the authors are well established authorities in their field, and in this book they add stimulating and original pieces of analysis to the contemporary literature.
Production, Distribution and Trade is divided into three parts. The first explores analytical issues in production and exchange theory, the second examines Postkeynesian Macroeconomics and the final part includes essays on the history of economic thought and methodology. This collection has been written in honour of Sergio Parrinello and is a fitting tribute to his untiring efforts to stimulate discussion among Classicists, Marxists, Postkeynesians, and Evolutionists.
The book is a clear and convincing attempt to prove that an alternative paradigm to mainstream economics is alive and thriving and to argue that these perspectives shed better light on current economic problems, both as diagnosis and in terms of policy conclusions. The book will be of interest to Economics postgraduate students and researchers working in the Classical and Postkeynesian tradition.
Table of Contents
Introduction Adriano Birolo Part 1: Analytical issues in production and exchange theory 1. Bads as Joint Products in a Linear Production System Eiji Hosoda 2. Goods, Characteristics and the Quasi-concavity of Preferences Ian Steedman 3. Edgeworth without equal treatment Duncan Foley 4. Capital in the Neoclassical Theory Pierangelo Garegnani 5. Spurious ‘Margins’ versus the Genuine Article Heinz D. Kurz and Neri Salvadori 6. Can Sraffa Point Us to a Better Future? Lynn Mainwaring 7. Can Sraffa Point Us to a Better Future? A Comment on Mainwaring Guglielmo Chiodi and Leonardo Ditta 8. Competitiveness and Comparative Advantage: Towards an Evolutionary Approach to Growth and Foreign Trade Stan Metcalfe 9. Labour Values and Prices in a Linear Model with International Trade Takao Fujimoto Part 2: Postkeynesian Macroeconomics 10. The interlocked crisis of the real and the financial sector Amit Bhaduri 11. Financial Risk Redistribution and Income Fluctuations Claudio Gnesutta 12. A New Triffin Paradox for the Global Economy? J.A. Kregel 13. Interest, inflation and inflation targeting: some critical notes on the ‘new consensus monetary policy model’ Massimo Pivetti 14. Equilibrium, Stability and Path Dependence in post Keynesian Models of Economic Growth Amitava Krishna Dutt 15. On the circulation of real and fiat money in fix-price and flex-price economies based on different technological systems Edward J. Nell Part 3: History of Economic Thought and Methodology 16. The origins of social inequality: beavers for women, deer for men Alessandro Roncaglia 17. Johann Heinrich von Thünen and the history of economic thought: a bird's-eye view Bertram Schefold 18. A XXI-century alternative to XX-century peer review Grazia Ietto-Gillies 19. Research standards for the Italian young academics: what has changed over the last thirty years? Annalisa Rosselli and Adriano Birolo 20. Sergio as a young professor Flavio Pressacco 21. The smiles of Sergio Angelo Marzollo
Adriano Birolo is Associate professor at the University of Padua, Italy
Duncan K. Foley is Leo Model Professor of Economics at the New School for Social Research, USA.
Heinz D. Kurz is Full Professor of Economics at the University of Graz, Austria, and Director of the Graz Schumpeter Centre.
Bertram Schefold is Professor of Economic Theory at the Goethe-University Frankfurt, Germany.
Ian Steedman is Emeritus Research Professor at Manchester Metropolitan, UK.
“This volume is a fitting tribute to Sergio Parrinello’s untiring efforts to stimulate discussion among Classicals, Marxists, Postkeynesians, and Evolutionists in the famous Trieste Summer School meetings of the 1980s and 1990s. It carries the discussion into the 21th century.”
Christian Gehrke, Department of Economics, University of Graz