Facing Stagflation in the Seventies in Italy: Fausto Vicarelli?s Economic Policy Proposals

Giovanni Michelagnoli

HISTORY OF ECONOMIC THOUGHT AND POLICY, 2023, vol. 2023/1, issue 1, 45-67

Abstract: This paper surveys Vicarelli?s economic policy proposals. We begin by offering brief contextual sketches and later examine the flaws in the "neoclassical synthesis" approach in accounting for stagflation. By first recognizing the inadequacy of the traditional approach at the heuristic-interpretative level, we then recall the policy proposals suggested by Vicarelli in order to foster the accumulation process. As will be pointed out, these were useful tools in restoring and enhancing the state of confi- dence as well as the marginal efficiency of capital. We conclude that Vicarelli leans towards a sort of "return to Keynes" in considering institutional engineering solu- tions in the context of a monetary production economy, whose functioning is af- fected by complex interaction mechanisms and systemic uncertainty.

JEL-codes: B22 B31 E12 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.francoangeli.it/riviste/Scheda_Rivista. ... 256&Tipo=ArticoloPDF (text/html)
Single articles can be downloaded buying download credits, for info: https://www.francoangeli.it/DownloadCredit

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fan:spespe:v:html10.3280/spe2023-001002

Ordering information: This journal article can be ordered from
http://www.francoang ... o.aspx?IDRivista=121

Access Statistics for this article

HISTORY OF ECONOMIC THOUGHT AND POLICY is currently edited by FrancoAngeli

More articles in HISTORY OF ECONOMIC THOUGHT AND POLICY from FrancoAngeli Editore
Bibliographic data for series maintained by Stefania Rosato ().