L'economia come scienza morale: sottoconsumo e crisi nel pensiero di Sismondi (Economics as moral science: under consumption and crisis in Sismondi's thought)

Guglielmo Forges Davanzati and Rosario Patalano
Additional contact information
Guglielmo Forges Davanzati: Università del Salento - Dipartimento di Filosofia e Scienze Sociali

Il Pensiero Economico Italiano, 2011, vol. 19, issue 2, 121-138

Abstract: This paper dealt with Sismondi’s theory of economic crisis. An analytical reconstruction has been provided, based on a preliminary reconstruction of his method. On the analytical plane, it has been shown that Sismondi finds a composition failure deriving from the tendency to cut wages on the part of capitalists: while, for the individual capitalist, a reduction of wages increases his profits, for capitalists as a whole this implies both a reduction of the demand for consumption goods and an incentive for social conflict. On the macroeconomic plane, the reduction of wages generates a reduction of profits via the decline of consumption and the increasing costs connected to the control of social conflict. Finally, it has been argued that Sismondi’s theoretical schema lacks of a theory of investments

Keywords: Sismondi; teoria salariale; teoria dell’investimento (Sismondi; wage theory; investment theory) (search for similar items in EconPapers)
JEL-codes: B12 E24 (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.libraweb.net/articoli.php?chiave=201106302&rivista=63
Access to full text is restricted to subscribers

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:pei:journl:v:19:y:2011:2:7:p:121-138

Access Statistics for this article

Il Pensiero Economico Italiano is currently edited by Massimo Augello and Marco E. L. Guidi

More articles in Il Pensiero Economico Italiano from Fabrizio Serra Editore, Pisa - Roma
Bibliographic data for series maintained by Carlo Cristiano ().