Blanchard e Summers: rivoluzione o conservazione? (Blanchard and Summers: revolution or conservation?)

Roberto Ciccone () and Antonella Stirati
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Roberto Ciccone: Università Roma Tre

Moneta e Credito, 2019, vol. 72, issue 287, 207-218

Abstract: E' a nostro avviso positivo che autori come Blanchard e Summers giudichino necessario un cambiamento nell'analisi del funzionamento dei sistemi economici, e mentre rispetto all'alternativa tra evoluzione e rivoluzione da essi prospettata opteremmo certamente per la seconda, riteniamo che il rinnovamento richiesto sia di grado ancora superiore a quanto gli autori contemplino. Forti ragioni teoriche, oltre che empiriche, spingono ad abbandonare definitivamente l'idea, propria dell'analisi tradizionale, secondo cui in un'economia di mercato esisterebbero forze in grado di mantenere i livelli di attività vicini al prodotto potenziale, con le conseguenti implicazioni per la politica economica, e in particolare fiscale. We welcome that authors such as Blanchard and Summers believe it is time for a change in the analysis of the functioning of economic systems. On the other hand, while in respect to the alternative between "evolution" and "revolution" proposed by them we would definitely opt for the latter, in our view the rethinking required is even greater than the authors contemplate. Strong theoretical as well as empirical reasons call for the total abandonment of the idea, typical of traditional analysis, that in a market economy there are forces capable of maintaining activity levels close to the "potential product", with consequent implications for economic policy, and in particular fiscal policy.

Keywords: critique of Neo-Classical theory; Classical view; effective demand; potential output (search for similar items in EconPapers)
JEL-codes: D33 E11 E24 E62 (search for similar items in EconPapers)
Date: 2019
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