Orthodoxy and etherodoxy in graziani?s thought

Adriano Giannola

STUDI ECONOMICI, 2014, vol. 2014/112, issue 112, 143-155

Abstract: This contribution attempts to evaluate Augusto Graziani?s legacy. His thinking, shaped by the neoclassical orthodoxy, and by Keynes? work, has structured an original, heterodox framework. His heterodoxy, was marked by the progressive overcoming of the concept of equilibrium, looking for a "possible equilibrium", which did not legitimize the concept of "naturalness" or, even less, that of classical full employment of the General Equilibrium approach. Dynamics is the "core" of his analysis which considers relevant to deal with development, as opposed to the static approach of growth. In this perspective, banks-firms nexus in a monetary theory of production is crucial to reach an "unqualified equilibrium". Coming to real world, the need to govern the economy through a process of development brings back to our dualism. His lucid analysis of the Italian experience reveals his profound reformist commitment and his well grounded distrust of the healing miracle entrusted to market mechanisms.

JEL-codes: B3 B5 O1 (search for similar items in EconPapers)
Date: 2014
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